Why you should not rely 100% on Social Security in retirement

For seniors in the US, receiving a decent Social Security check each month is crucial.

All retired seniors can now obtain a good benefit that will allow them to live comfortably day to day.

Stagflation is the main issue with relying on Social Security for our retirement.

Prices rise as a result of this economic phenomenon, while purchasing power essentially stays the same.

In other words, wages and benefits are stagnating at the same time that prices are rising. Because of this, even the COLA might not be enough.

We have observed that retirees are able to keep pace with inflation since the most recent COLA hikes, in addition to receiving additional financial perks.

However, this condition cannot last forever because eventually these increases could not be sufficient.

Because of this, it might be foolish to depend solely on the Social Security payout for our retirement.