Will $1.26 Million Buy You Your Dream Retirement? Americans Think So.
Hopefully by now, you've heard that it's a bad idea to try to retire on Social Security alone. For one thing, those benefits are at risk of being cut if lawmakers don't find a way to boost Social Security's revenue.But also, even without benefit cuts, Social Security might only replace about 40% of your preretirement wages. And most seniors need more money than that to cover their expenses without stress.Image source: Getty Images.Continue reading
Hopefully by now, you've heard that it's a bad idea to try to retire on Social Security alone. For one thing, those benefits are at risk of being cut if lawmakers don't find a way to boost Social Security's revenue.
But also, even without benefit cuts, Social Security might only replace about 40% of your preretirement wages. And most seniors need more money than that to cover their expenses without stress.
Image source: Getty Images.
