Living Off Social Security Alone Might Be Doable, but Here's Why I Wouldn't Try It
Social Security was once seen as one part of a "three-legged stool" of retirement funding, the other two sources being personal savings and a pension income. But if you're like most Americans today, you don't get a pension, and you find saving on your own to be increasingly difficult as costs continue to rise faster than wages.Some people find themselves with little more than their Social Security checks to see them through retirement. Depending on your lifestyle and where you live, this could actually work out. But it's still a gamble that's not worth taking if you can avoid it.Image source: Getty Images.Continue reading
Social Security was once seen as one part of a "three-legged stool" of retirement funding, the other two sources being personal savings and a pension income. But if you're like most Americans today, you don't get a pension, and you find saving on your own to be increasingly difficult as costs continue to rise faster than wages.
Some people find themselves with little more than their Social Security checks to see them through retirement. Depending on your lifestyle and where you live, this could actually work out. But it's still a gamble that's not worth taking if you can avoid it.
Image source: Getty Images.
