Are You Relying Too Much on Social Security in Retirement?

​For many retirees, Social Security is a major piece of the income puzzle. In fact, it’s the primary source of guaranteed lifetime income for a large number of retired people. Your Social Security benefit may provide a lifetime safety net to help you cover retirement’s most challenging expenses.
 
It’s important, though, to have other income sources outside of Social Security. Too many retirees make the mistake of relying primarily on their Social Security benefit. More than 60 percent of retirees rely on Social Security for over half their income. Social Security provides more than 90 percent of income for a third of those individuals.1
 
Although Social Security is a valuable retirement resource, it likely won’t provide enough income to fund your lifestyle. For many workers, Social Security replaces only a third to half of their preretirement earnings. Depending on your plans for retirement, you may need a substantial amount of income to supplement your Social Security benefit.

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