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Will I be able to live on Social Security income alone when I retire?

There are three legs on the retirement stool: Social Security, pensions and personal savings. According to an Employee Benefit Research Institute (EBRI) study, one of those legs, Social Security, is a bit wobbly, providing on average only 40 percent of the income needs of persons 65 and older.
For preretirees, this is a wake-up call. Since Social Security doesn't supply enough income for people to get by financially for even two weeks of each month, how do you make up the difference? According to the EBRI study, pensions and annuities account for about 20 percent of income for the 65 and older population, though this percentage may decline as companies terminate pension plans and taxpayers object to generous benefits for public sector employees.
The upshot is that people 65 and older will need to rely on earnings and personal savings to meet nearly half of their retirement income needs. It's a scary thought, but one that needs to be confronted.

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Important: This content reflects information from various individuals and organizations and may offer alternative or opposing points of view. It should not be used for medical advice, diagnosis or treatment. As always, you should consult with your healthcare provider about your specific health needs.