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  • Kiplinger

    What You Need to Know about Social Security in a Pandemic and Recession

    Oct 02, 2020 2 minutes

    The three-legged stool of retirement planning is the idea that Social Security, your personal savings and a pension or employer-sponsored 401(k) should work together to give you a stable retirement. However, none of these is expected to work on its own. Social Security is only designed to replace about 40% of your income. The average benefit in 2020 is about $18,000 a year, which isn’t enough for most retirees to make ends meet.

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