Here at NORA, we fight to ensure seniors can count on Social Security as a reliable source of retirement income. But should it be your sole source?
According to some experts, this is a disaster waiting to happen. Social Security benefits alone may not provide enough funds to maintain a comfortable standard of living. The benefit amount is based on your earnings history and is subject to potential future changes.
Also, as life expectancy increases, the strain on the Social Security system is expected to grow. This could potentially lead to reduced benefits.
Finally, depending solely on Social Security limits your financial independence and flexibility in retirement. It is crucial to supplement Social Security with other retirement savings, such as pensions, investments, side hustles, and personal savings, to ensure a secure and fulfilling retirement.
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