Social Security benefits are significantly lower than what many expect, offering only about 40% of pre-retirement earnings. This rate suggests that many retirees may face financial difficulties if relying solely on these benefits. Several states have average benefit payments that do not significantly exceed the federal poverty level, indicating that many retirees could be living right at or below this minimum income standard. It is advisable for individuals to plan for supplemental savings to ensure a more secure retirement.
"Social Security benefits are not as high as many people might expect. In fact, if you are trying to live on your Social Security alone, you may find yourself with very little money to spare, and you may struggle to afford the basics."
"To really understand just how ungenerous Social Security benefits can be, let's take a look at how the average benefit compares with the poverty level in the U.S."
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