The Social Security Administration reminds everyone that while Social Security
has provided a strong foundation of income for most retirees, it was never intended
to be the sole source of income during a person's retirement years.
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Get Your Report Now!The SAA notes the advice of most financial experts: that workers will need
70 to 80 percent of their pre-retirement income to finance comfortable retirements.
Social Security retirement benefits can be expected to replace about 40 percent
of the money an average wage earner makes, but that still means most people
will need to provide for an additional 30 to 40 percent of pre-retirement earnings
through pensions, 401(k) plans, IRAs, savings bonds and other investments.
To find out how today's retirees are financing their retirement, visit the
SAA's "Income of the Aged Chartbook," at:
http://www.socialsecurity.gov/policy/docs/chartbooks/inc_aged/2001/index.html
To figure out your own retirement needs, the SAA provides online calculators
at:
http://www.socialsecurity.gov/planners/calculators.htm