Saving for Retirement and Social SecurityDon't Rely Solely on Social Security:
Average retired worker receives $23,000 annually, insufficient for basic expenses and unexpected costs.Key takeaway: Save for retirement independently.
Estimating Future Social Security Benefits:Access your most recent earnings statement on the Social Security Administration website.Key takeaway: Estimate future benefits by multiplying your monthly benefit by 12.Factors Affecting Social Security Estimates:Time Until Retirement: Estimates may be less accurate for individuals with many working years left due to fluctuating income.
Potential Social Security Cuts: Future cuts may reduce projected monthly benefits.
