A recent AARP survey reveals that 20% of Americans over 50 have no retirement savings and 40% depend solely on Social Security. However, Social Security benefits typically replace only about 40% of pre-retirement income, leaving retirees facing a significant pay cut. Many assume they can rely on these benefits, but they might prove inadequate due to possible cuts and lower-than-expected cost-of-living adjustments. It's crucial for retirees to have additional income sources for financial stability in their senior years.
Those benefits don't provide as much replacement income as expected, and there's a chance they'll be cut broadly.
If you earn an average wage, you can expect the money you get from Social Security to replace 40% of your pre-retirement earnings.
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