Rethinking Retirement: Why Conventional Saving Plans Might Not Be Enough

As we stand on the brink of retirement, many of us are awakening to a stark reality: the traditional pillars of retirement security, such as Social Security and 401(k)s, may not suffice in the modern economic landscape. The average American retiree now receives about $2,000 per month from Social Security, totaling a modest $24,000 a year. Projections suggest future retirees might only receive about 70% of that amount. With the potential insolvency of Social Security by 2041, relying solely on this source is more uncertain than ever.