Are Social Security Benefits Intended To Be Your Only Source Of Income When You Retire?

Are Social Security benefits intended to be your only source of income when you retire?

Social Security benefits are not intended to be your only source of income when you retire. On average, Social Security (SS) will replace about 40 percent of your annual pre-retirement earnings. You will need other savings, investments, pensions, or retirement accounts to make sure you have enough money to live comfortably when you retire.

Answers (22)

  • My first husband was much older than me and his job was a plumber. Before he got retired at 65,  he worked for our local hospital and the most he made during 30 years there was 22$ per hour. Insurance and taxes, pension savings took most of that and he received 800 every 2 weeks.
    His pension didn't amount to much either, it was only 499.00$ a month. But he was left with lots of pain in wrists, hands, knees, back, etc.
     The trades are extremely difficult on your body.
    We never lived beyond our means and I also am drawing SS and working as a home health aide part time.
    Still have very little left at the end of the month.
    My husband had open heart surgery shortly after retiring and we are paying off a couple credit cards that we took out to pay all the out of pocket expenses during that period.

  • Working as a home health aide too. Paying off farming debt as well for my mother with her at age of 64. Farming is a hard occupation too, my uncle baled hay earlier this week and he was working that day.
    Paying Off Farming Debt

    A lot of green grass to cut for feeding caws and other farm animals.

    • Luis Alonso

      My mother's father worked for town for 20 years. He made $18/hour but lost half his paychecks. To union fees, government dedicated.
       After 20 years he had $120,000 in his pension from that job.
       He had to retire then spent another 8 years making only 4/hour pushing carts at the local supermarket.

    • The fact is that if you become disabled its worse.
      It happened to my father, he became disabled when he was 50 years old. He couldn’t work if he wanted, he couldn’t even swing three hours of volunteer work three times a week, and it included a stipend. They changed the program to something requiring standing, he discontinued working with them. It was an after school reading program for children (my father was a school teacher) who had fallen behind K-3, and of course it ran according to the school calendar.

    • Yep! My father is disabled since 2008. My God, he never thought he wouldn't be able to work ever again.

      • Emily Amy

        Same year for me. I’m sort of sad that the program changed because I liked working with most of the children, the difficult ones I found to be too much of a challenge.

        • Tracy Corson

          No, it never was. 
          It was always meant to supplement pensions and savings, when there still were pensions. ☹️
          My grandparents never had a pension. 
          They built their own house, grew their own food.
           There way of life made a huge difference. 
           I don't think many people are willing to work that hard anymore.

          • Julie Elias

            I have a meal plan for a month, and grocery shop once a month in town.

          • So it was until they started robbing it for 40ish years or it was never designed to be the sole source of income?. You should read the history of social security before feeling betrayed by the system..

          • And taxes where not hitting people at about 60% ( it is probably higher now, I haven’t sat down and really added up all the taxes we pay in a while).

            • Ava Goldberg

              That's why there's a lot of old people working retail jobs. Unfortunately most employers now days don't care about your future and don't pay a living wage to begin with. This is why people are getting fed up with these greedy billion dollar corporations.

              • Grainger Long

                And we still have people in the USA saying minimum wage jobs are for teenagers in high-school. NOPE. UNIONS created that so it’s the BARE MINIMUM a PERSON of any age gets to ensure they aren’t living with government assistance and can get by through their working. It’s insane.

                • Ethan Currier

                  The current federal minimum wage is $7.25/ hour or approx $1250/month Gross ! Who can live on that ???? Even $12-15/hr is not possible to live on in most areas !!! They raise the min wage but small business has to raise prices and forces consumers to go to big stores for cheaper prices. Vicious cycle!.

                  • Letha Cherry

                    Guys... The point is, find a way to make something else happen. Everyone has a sob story and very valid reasons crap gets messed up. That doesn't mean what was posted isn't true... It's literally telling you... Make plans because this will not cut it...
                    Everyone all up in arms but why??? Like good lord, it's not like an injustice was done, just make plans.

                    • Luis Alonso

                      Try doing that as someone on disability. After all we have to report every penny we get. We can only earn x amount and can only have x amount in assets

                      • Abdul Alnajar

                        My opinion, I say even if what you are doing isn't enough, it doesn't change the TRUTH about the statement... Social security isn't supposed to be a sole source of income... It's NOT the governments job to give you everything you need to live off... It never has been, so I don't get why people are all of the sudden expecting it to be different.

                        • Warner Little

                          When it was created it was. It was also meant to be. If governments would stop treating it like a piggy bank it would be. Were not expecting it to be different. We are tried of hearing its because we are lazy, not trying hard enough. It all because people over spend. When in reality it's because the governments treat systems like this as piggy banks. We are also tired of the over Simplification of a complex problem

                          • Keyonce Lanae

                            Then why do they take our money directly out of our paycheck and then not give it back to us when we need it?????
                            Why pay social security that you will draw on later in life is what I mean?

                            • Jake Frost

                              What my grandfather have contributed he'll never get that amount back. Many people die and never get what they paid in.
                              Besides, that sounds like SSI, not Soc Sec disability.

                            • I have a sister living in Canada, and she told me that borough it's a problem in over there for both federal & provincial systems.
                              I say go ahead and lay the numbers out. Let's see.

                            •  Unfortunately the government has created or better yet encouraged people to live off them. They can control you.
                              Definitely need additional sources of income.

                            • You cant because it all depends on how long you live !
                              it does. My Grandfather collects SSDI and and NOT limited on his assets and he is able to have "income" of approx. $1,080 per month. BUT after fighting over 8 years to collect SSDI, he is not about to find a part time job and jeopardize that.

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