US. Low earners need more retirement income
Social Security alone is simply not enough, new Vanguard study confirms People often assume that the retirement needs of low-wage workers are covered by Social Security's progressive benefit formula. That assessment has never been correct. Social Security was never intended to be the sole source of income for any group of retirees. Social Security replacement rates -- benefits as a percentage of preretirement earnings -- fall far below the generally accepted benchmarks. Low earners are more likely to claim early, which results...
