Social Security shouldn't be your only retirement plan
Social Security was never meant to be anyone's sole source of retirement income.
In fact, a 30-year-old making $50,000 per year today—and who might realistically expect to make substantially more by the time he or she retires—can expect less than $22,000 per year from Social Security at age 67 (in today's dollars).
In the past, pensions often offered an additional source of income for retirees. But pension plans are becoming rare in today's world, and it's more important than ever to take advantage of the opportunity to save for your future.
Keep in mind:
On average, Social Security payments make up only about 33% of Americans' retirement income.
Source: Social Security Administration.