Many Americans rely heavily on Social Security for retirement income, but the funds may run out before they can claim them. The average monthly benefit is $2,008, leaving retirees struggling to cover essential expenses. With the trust funds nearing insolvency, beneficiaries could face a 23% benefit cut by 2033.

To prepare for retirement, diversifying income streams is crucial. Pensions, retirement accounts, high-interest deposit accounts, dividend-paying stocks, annuities, and real estate investments can provide additional income. Seeking advice from a financial advisor can help ensure a secure retirement without solely relying on Social Security.

Read more at Yahoo Finance.: 6 income streams to boost your retirement fund if Social Security won’t cut it. Are you building your own paycheck?