Designed as a security net for seniors, Social Security does not work alone as a retirement plan. If you've decided to rely solely on Social Security benefits in your elderly years, you're most certainly bound to find yourself in dire financial straits.
The average monthly benefit payment from Social Security is currently $1404. Some seniors would receive a more substantial benefit if they paid more into the system, while others receive much less. Social Security alone puts nearly all seniors who depend on it solely, very close to the individual poverty level.