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This is barely enough in many states to cover basic living expenses, let alone emergencies.
In addition, there may not be enough money to fully fund Social Security in the next 10 years.
Here are four reasons not torely heavily on Social Security for retirement.
According to data from the U.S. Social Security Administration, the trust fund can pay full benefits until 2035.
After that, retirees could see less money in their Social Security checks.
Yet, as withmost financial decisions, this one is best made considering both likely and possible scenarios.
You Arent Close to Retirement Age
Social Security is often considered the third rail in American politics.
Some clients do not plan to receive Social Security, which is not a bad option.
It is a bonus if they get a benefit and any cut will not impact their plans.
Musson explained, Thats not how it turned out, however.
Many people live on Social Security alone, but live on very little.
Social Security has a built-in cost-of-living adjustment (COLA), Zigmont said.
The challenge is that any COLA comes after a year with high inflation.
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