by TonyLiberty
Relying 100% on Social Security is very risky.
The average monthly Social Security benefit in 2022 is only around $1,800 — This provides an income of $21,600 per year, which is below the federal poverty level.
Social Security is facing a long-term funding shortfall, with reserves expected to run out by 2035.
Benefits may be cut by around 25% if Congress cannot shore up funding. This would further reduce already low payments.
The retirement age may rise further from age 67 currently, reducing benefit access.
Do yourself a favor and invest in a Roth IRA — Your future self will be thankful.