Avoid relying on Social Security
Even though Social Security has been a great aid to millions of retired Americans, it was never intended to replace a person's entire income in retirement. In 2009, the average monthly Social Security retirement benefit was only $1,159, which for most people covers only a fraction of their monthly expenses.
In addition, to account for today's longer life spans, the Social Security Administration is now gradually increasing the normal retirement age (age at which you can receive full benefits), pushing back when you may be able to receive benefits. Add to this the pressures the Social Security system faces as millions of Baby Boomers begin to receive benefits, and you can understand why every retiree should have other income sources they can count on to complete their retirement picture.
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