Relying on Social Security Alone Could Leave You With a $30,000 Annual Shortfall

If you're considering retiring or making plans to leave the workforce in the future, it's imperative you have money outside of the income your Social Security benefits will provide. For most beneficiaries, Social Security provides only a small portion of the income they need to cover costs. In 2018, the most recent year for which data is available, the Bureau of Labor Statistics reported mean consumer spending among seniors 65 and over at $50,860 per year.