Younger Generations Will Rely Less on Social Security in Retirement, Data Shows
Millions of older Americans today collect a monthly benefit from Social Security. And for many, that benefit is their primary source of income.
That's problematic, though. For average wage earners, Social Security will replace about 40% of the paychecks they collected while working. But most people aren't equipped to withstand a 60% pay cut. And so it's easy to see why so many seniors struggle financially in the absence of having savings.
But there's a bit of good news in that regard. New data from New York Life reveals that younger generations plan to rely less on Social Security once their retirement rolls around. And that means younger workers are a prime position to build savings and shore up their finances ahead of their senior years.
Source Fool.com
