FINANCIAL FOCUS: How will Social Security fit into your retirement income strategy?

Published: Monday, March 3, 2014 at 07:57 AM.

Your retirement  income may also include withdrawals  from retirement accounts, such as an  IRA and a 401(k), along with other  investments, such as a fixed annuity.

And these other accounts are quite important because Social Security provides, on average, only about 40 percent of retirement income for the average 65-year-old.

In the years and decades before you retire, contribute as much as you can afford to these other accounts. Given the advances in medical  care and the greater awareness of healthy  lifestyles, people are living longer than  ever — which means you could spend  two, or even three, decades in retirement.

To enjoy those years fully, you’ll need adequate income. 

Joe Faulk is a financial adviser.

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