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See how retirement benefits stack up to cost of living where you live.
By Andy Markowitz, AARP. Published October 07, 2024.
Social Security was never intended to match earnings from your working days. On average, retirement benefits replace about 40 percent of retireesโ work income โ more than that for people who worked in low-wage jobs, less for those who had more lucrative careers.
But many retirees do rely on Social Security to cover a significant share of their day-to-day expenses. Among Americans 65 and older, 42 percent of women and 37 percent of men get at least half their income from the program, according to the Social Security Administration (SSA).
https://www.aarp.org/retirement/social-security/info-2024/states-where-benefits-go-furthest.html