If you’re counting solely on Social Security to support you after retirement, you might find yourself in a difficult financial situation: The average Social Security payment to a retired worker is around $1,234 per month – less than the Federal minimum for a month’s wages.
So unless you’re prepared to supplement Social Security with savings or a pension, be prepared for a challenge. Consider cost-cutting measures, like minimizing housing expenses, as well as earning extra income. You can work and claim Social Security benefits at the same time.
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