The article emphasizes the inadequacy of Social Security for retirees, which replaces only about 40% of former wages, leaving many seniors to face potential financial struggles. It highlights that most seniors need at least 70% of their previous income to sustain a comfortable lifestyle. With the decline of pensions in the private sector, individuals are encouraged to save adequately or seek alternative income sources for retirement. The advice to connect with financial advisors underscores the importance of proper retirement planning.
Social Security typically replaces just 40% of pre-retirement earnings, meaning most retirees need additional income to maintain their standard of living.
Many seniors find that they need a replacement income of at least 70% to avoid substantial cuts to their budget and maintain a comfortable lifestyle.
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