Social security does not replace income after retirement
When planning for retirement, it’s important to remember that Social Security is only supposed to cover about 40 percent of preretirement income.
The maximum benefit is $3,345 per month for someone filing for Social Security at full retirement age (FRA) in 2022.
FRA is the age at which you are entitled to 100 percent of the benefit, which is calculated using your earnings history.
That’s $40,140 annually. However, the average rent in the US is about $1,100 to $1,200.
That leaves a retiree with $25,740 a year, which is just above the poverty line.
https://www.the-sun.com/money/5749044/ssi-social-security-income-direct-payments-date-summer-benefits/ Social Security Supplemental Income 2022 – $841 direct payment this summer – here’s the exact date