Could You Live on $1,543 a Month? If Not, Then You'd Better Do This to Save Your Retirement

It also means that if your plan is to simply fall back on Social Security to pay your senior expenses, you may want to rethink it -- immediately. If that sounds like it won't be nearly enough for you to live on, then there's one thing you'll need to do immediately -- start funding a retirement plan. Instead of relying only on Social Security to provide retirement income, set up an additional income stream with a dedicated savings plan.