Are You One of 38 Million Seniors Who Fear Your Retirement Income Won't Be Enough? You're Not Alone.

Social Security is one of the most crucial functions of the U.S. government. Last year, the program paid roughly $1.5 trillion to 68 million Americans, 51 million of whom were retired. Many of these retired Americans rely on the program for a significant portion of their incomes.Originally intended as one of three income sources for retirees along with employer pensions and personal savings, Social Security's role has grown as pensions have become rare for most. Many lower-income earners are unable to save in 401(k) plans, making them heavily reliant on Social Security benefits. In fact, one in seven retirees have no other regular income source.Regardless of where your retirement income comes from, most are feeling the pinch after years of elevated inflation. If you are worried about having enough money in the year to come, you're not alone. A recent survey from The Senior Citizen League (TSCL) -- a senior citizen advocacy organization -- showed 62% of seniors fear that soon they won't be able to cover basic essentials like food and utilities.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool