United States

Don’t rely on Social Security for future retirement plans: advisers

Your retirement years won’t be very golden if they’re primarily funded by Social Security. That’s what retirement plan advisers are telling clients, warning that they need substantial private savings to augment Social Security income, which averages only about $17,500 annually. “Generally, I don’t want to see someone have more than 20 percent of retirement income from Social Security,” said adviser Charles Hughes in Bay Shore, adding that 10 percent of their current income is the minimum people should be saving for retirement. Employees should take advantage of all employer savings matches, he said. A Heritage Foundation study found Social Security’s rate of return of 1.25 percent is “vastly inferior” to what retire ...