You Can't Rely on Social Security Alone in Retirement: 3 Steps for Saving More in Your 401(k) or IRA
For millions of retirees, Social Security benefits make the difference between a comfortable retirement and barely scraping by. However, if you're relying too much on benefits, it could potentially put your retirement at risk.
Roughly 1 in 5 married couples and nearly half of unmarried beneficiaries depend on their monthly Social Security checks for at least 90% of their income in retirement, according to the Social Security Administration. But the average beneficiary receives just $1,503 per month, which doesn't leave much wiggle room if there are benefit cuts in the future.
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Source Fool.com
