4 Signs Your Social Security Won’t Be Enough To Support Your Retirement
Written by
Angela Mae
Edited by
Levi Leidy
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Social Security has been a key component of retirement planning since its inception in 1935. Back then, it was only meant as a supplement to people’s retirement income. But according to Fidelity, Social Security is the primary source of retirement income for 77% of U.S. retirees. This is significantly higher than pensions (48%) and personal savings (41%).
If you’re including Social Security in your retirement plan, here are a few red flags that your benefit won’t be enough to fully support you.
Your Estimated Benefit Doesn’t Match Your Desired Income
As of July 2025, the average Social Security benefit amount is $2,006 for retired workers. The program does benefit from an annual cost-of-living-adjustment (COLA), which is designed to combat inflation. Payments are also based heavily on the highest-earning 35 years and when you retire, so if you retire late or earned a substantial salary, you could see a higher paycheck.
The good news is you don’t have to wait until you retire to check your estimated benefit amount. You can find this information right from your online account.
But what happens if your estimated benefit amount isn’t what you expected?
“If your Social Security benefit is the foundation of your retirement income, you need to be realistic about what the estimated benefit is from Social Security Administration (SSA) and your desired income. If your benefit is close to your desired income, you have less to be concerned about,” said Krisstin Petersmarck, president and founder at New Horizon Retirement Solutions. “If you determine your estimated benefit and desired income are not closely aligned, then this is [a] red flag.”
In that case, Petersmarck suggested doing a few things:
- Create an emergency fund for any unexpected expenses (even if your benefit amount is enough)
- Consider other types of investments that can help support you throughout retirement
- Save more and work longer (if necessary)
- Look for ways to cut costs in retirement (ex. downsizing)
As per Fidelity’s 2025 State of Retirement Planning survey, more Americans who are planning out their retirement years are shifting focus away from Social Security. In fact, 61% of those surveyed intend to rely more heavily on IRAs, 401(k) accounts and other retirement plans to support them later in life.
You’re Retiring With Debt
Certain types of debt, like a mortgage or auto loan, might make sense during your working years. But if you’re retiring with debt and relying primarily — or solely — on Social Security, that’s a red flag.
“When you live on Social Security, you are on a fixed income,” said Jay Zigmont, PhD, CFP®, founder of Childfree Trust®. “Using credit cards to make it [by] effectively just raised the prices of everything by 20%-30% in interest.”
If you are taking debt into retirement, be prepared to seek out financial assistance. This can come in many forms, including state and federal programs. Just know that these aren’t always reliable.
“The challenge is that the recent cuts to Medicaid and SNAP mean many of those support systems may be underfunded,” said Zigmont.
You Already Spend Most of Your Income
Christine Lam, CFP®, ChSNC®, investment advisor representative at Financial Investment Team, said that if you’re spending the majority of your income on your lifestyle, chances are you won’t make enough with Social Security to fund your retirement years.
This is “a strong sign that [you’re] not on track for retirement and cannot realistically rely on Social Security alone,” she said.
According to Fidelity, you should plan to spend between 55% and 80% of your annual income in your retirement years. This does depend on factors like lifestyle choices and healthcare costs, but it’s a good general rule of thumb.
Say you currently live on $80,000 a year — and spend the majority of that. Following this rule, you’ll need between $44,000 and $64,000 to live comfortably in retirement. That’s between $3,667 and $5,333 a month.
“A common misconception that people have is that Social Security will fully fund their retirement lifestyle,” said Lam. “Unfortunately, the truth is that Social Security only replaces about 40% of pre-retirement income.”
You Don’t Have a Plan
And, of course, not having a retirement plan is a major red flag that your expected income sources — including Social Security — won’t be enough.
According to Lam, you should be asking yourself things like:
- How much will my pension or Social Security cover?
- How much will my investments supplement?
- Did I factor in healthcare costs?
- What if I live longer than expected?
Figuring out the answers to these types of questions and factoring them into your plan can go a long way toward ensuring you have a comfortable retirement.
More From GOBankingRates
