The article emphasizes that relying primarily on Social Security for retirement income is not advisable, as it generally provides only about 40% of an average earner's former income. It suggests that retirees should aim for a replacement income of 70% to 80% to meet their living expenses comfortably. With many older Americans depending heavily on Social Security, the need to save even modest amounts for retirement becomes crucial in bridging the income gap that may emerge in the absence of other savings or sources of income.
Getting most of your retirement income from Social Security isn't ideal as it typically only replaces about 40% of an average workerâs pre-retirement income.
Most retirees are advised to aim for a replacement income of 70% to 80%, which is difficult to achieve solely through Social Security.
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