Retiring only on Social Security poses substantial financial challenges, given that the average monthly benefit is under $2,000, equating to less than $24,000 annually. Many retirees find themselves unable to afford adequate housing, healthcare, and leisure activities. While a pension remains available for some public sector employees, most private sector workers rely heavily on personal savings. As retirement approaches, individuals are encouraged to cultivate a strong financial nest egg to maintain a comfortable lifestyle without being solely dependent on Social Security.
Retiring on just Social Security could mean taking a serious pay cut, forcing individuals to give up on housing comfort, entertainment, and necessary healthcare.
A comfortable living space is crucial in retirement, especially for health and mobility needs. Relying solely on Social Security limits options for maintaining home.
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