Can Social Security Support You in Retirement? You May Not Like the Answer

Can Social Security Support You in Retirement? You May Not Like the Answer
Maurie Backman
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Can Social Security Support You in Retirement? You May Not Like the Answer
In the course of your retirement planning, you're apt to factor Social Security into the equation. After all, you can expect some amount of money from those benefits. But how much of your former paycheck will Social Security replace? Probably less than you think.
Don't skimp on savings
Many people assume that Social Security will replace their former paychecks in full, but that's not correct. If you're an average earner, Social Security will replace about 40% of your pre-retirement income. If you're a higher earner, those benefits will replace an even smaller percentage.

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