Why I'm Not Counting on Social Security, and Neither Should You
After you have paid Social Security taxes for years, retirement is the time to reap the benefits with monthly payouts. And although Social Security can be a great source of retirement income, it's likely better to view it as supplemental income and not the primary source.
That's why I'm not counting on Social Security by itself to cover my finances in retirement, and neither should you.
The amount of income needed in retirement varies widely based on factors like lifestyle and location. However, you can start your calculations by following some general guidelines. The main two are the 80% rule and the 4% rule, which deal with how much you'll need annually and in total, respectively.
Source Fool.com
