That depends! But dont count on it. Okay, the truth is that what matters is how you want to live.
CAN YOU LIVE on Social Security alone? The answer is a big fat “it depends.” I was recently taken to task by a reader, who stated he and his wife live just fine on their combined $30,000 in Social Security benefits. I also know of a retiree who says he’s quite happy living in a trailer out west on $1,300 a month.
How does that square with the conventional wisdom that, once retired, you need 80% of preretirement income, let alone with my unconventional wisdom that you should strive for 100% income replacement?
It all boils down to how you want to live. If you say you can live comfortably on just your monthly Social Security check, you’re saying that, on the day you retire, you can absorb a 60% cut in income for the rest of your life.
Source: Reality Check – HumbleDollar