Social Security alone will not sustain you Beyond Retiring,
because you are likely to draw only about 1/3 of your salary after you retire regardless of your pre-retirement salary. Therefore, you will need additional funds to” Fill The Gap” between your monthly Social Security Benefits, and your total living expenses. Having additional savings to supplement your Social Security Benefits is paramount but we can’t bank on that.
The latest Trustee Report indicates that The Social Security Trust Funds will likely go broke by the year 2034. If this happens, the program will need to reduce benefits by an estimated 23%. This would be a tremendous blow to current retirees on Social Security, and a significant one to future retirees Beyond Retiring.
The Key is not to plan your financial future on just one source of income. There are also the issues of being disabled Beyond Retiring, and the costs associated with various medical problems. There is the issue of having adequate Insurance coverage (Health and Life) or lack thereof.
“How to Make Your Money Last” by Jane Bryant Quinn is an excellent resource for learning how to turn your savings into additional income.