Quick Read Social Security replaces only about 40% of preretirement earnings and less for higher earners. The Social Security trust fund faces depletion by 2033 to 2034, triggering automatic benefit cuts of 19% to 23%. 35% of current workers incorrectly expect Social Security to serve as a major retirement income source. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here. When you retire, the last thi ...