Social Security Benefits Keep Losing Buying Power. Here's What Lawmakers Can Do About It.
It's an unfortunate situation, but there are options to improve it.
Overview
Many people inevitably wind up retiring with little to no savings, thereby becoming very reliant on Social Security to cover their costs. That's a problem for a couple of reasons.
First, the average monthly retirement benefit today is only about $2,083. On an annual basis, that's a $25,000 income. Even with careful budgeting and a massive dose of frugality, it can be difficult to make an income that size work.
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Details
Source
Originally published at www.fool.com.
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