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Moreover, individuals should consider their investment strategies. Allocating a significant portion into equities rather than bonds could yield better long-term results, especially as financial markets continue to grow and evolve.
The Role of Social Security
Relying heavily on Social Security for a comfortable retirement has its pitfalls. Currently, the average monthly benefit is approximately $1,922, which is insufficient for most individuals after retirement. Many face a precarious situation where Social Security constitutes their primary, or in some cases, sole source of income.