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July 18, 2003
Social Security Provides Retirement Data

The Social Security Administration reminds everyone that while Social Security has provided a strong foundation of income for most retirees, it was never intended to be the sole source of income during a person's retirement years.

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The SAA notes the advice of most financial experts: that workers will need 70 to 80 percent of their pre-retirement income to finance comfortable retirements. Social Security retirement benefits can be expected to replace about 40 percent of the money an average wage earner makes, but that still means most people will need to provide for an additional 30 to 40 percent of pre-retirement earnings through pensions, 401(k) plans, IRAs, savings bonds and other investments.

To find out how today's retirees are financing their retirement, visit the SAA's "Income of the Aged Chartbook," at:

To figure out your own retirement needs, the SAA provides online calculators at:

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