Core Insights - A significant portion of Americans rely heavily on Social Security for their retirement income, with 27% receiving all their income from it and another 20% getting 76% to 99% from the program [2][8] - The average Social Security benefit is projected to be $2,008 by mid-2025, which is insufficient for a comfortable retirement, leaving many retirees just above the poverty level if they do not have additional income sources [6][8] - There is a growing interest in guaranteed income sources to supplement Social Security, with 92% of TIAA survey respondents expressing this need, indicating a potential market for annuities as a solution [8] Group 1 - The reliance on Social Security is increasing due to the decline in employer-provided pensions, which traditionally offered guaranteed income [9] - Many individuals find it challenging to save for retirement, often living paycheck to paycheck, which exacerbates their dependence on Social Security [3][5] - The common recommendation for retirement income replacement is around 70% to 90% of pre-retirement income, highlighting the inadequacy of Social Security alone [6] Group 2 - The article suggests that a risk-free alternative, such as annuities, can provide a stable income to supplement Social Security benefits [4][7] - The need for additional income sources is critical as the Federal Reserve reports a sharp decline in employer-provided pensions [9]