The Average Monthly Social Security Payment in 2024 Is Just $1,917. Here's How to Prepare for a Retirement That Doesn't Depend on Social Security

Social Security's 3.2% cost-of-living adjustment (COLA) for 2024 was the third-highest in the last decade, but it hasn't provided the relief many seniors were hoping for. Average checks are just $1,917 per month as of May 2024. More than 3 in 5 seniors feel the bump in their benefits was insufficient, according to The Motley Fool's 2024 Social Security Cost-of-Living Survey.That has many workers worried about what their retirement might look like, and it's left many seniors scrambling to make up for declining buying power in other ways. While Social Security benefits aren't going anywhere, it's helpful to view them as a supplement rather than your primary source of retirement income. Here's how you can pull that off.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Zum vollständigen Artikel