--- title: Social Security Alone Isn't Enough for Retirement description: Social Security benefits are only a supplement for retirement savings. With the SECURE Act, employers have incentive to offer 401(k) plans that are less costly and easier to maintain. As a 3(38) investment manager, GGA has an investment process and education tools for financial wellness and optimal savings. image: https://blog.ggaretirement.com/hubfs/future-economic-conditions-810x455.jpg --- - [ BLOG ](https://blog.ggaretirement.com/) - [ CLIENT LOGIN ](https://www.ggaretirement.com/client-login) [![gga-retirement-header-logo](https://blog.ggaretirement.com/hubfs/gga-retirement-header-logo.jpg) ](https://blog.ggaretirement.com/social-security-alone-isnt-enough-for-retirement#) ** - [ FOR ADVISORS ](https://www.ggaretirement.com/for-advisors) - [ FOR EMPLOYERS ](https://www.ggaretirement.com/for-employers) - [ OUR TEAM ](https://www.ggaretirement.com/our-team) - [ 401K PEP ](https://www.ggaretirement.com/401k-pep) - [ CONTACT US ](https://www.ggaretirement.com/contact) - [ REQUEST CONSULTATION ](https://resources.ggaretirement.com/request-consultation) # Blog ## Social Security Alone Isn't Enough for Retirement Posted: Jul 30, 2020 9:39:49 PM ![future-economic-conditions-810x455](https://blog.ggaretirement.com/hs-fs/hubfs/future-economic-conditions-810x455.jpg?width=840&name=future-economic-conditions-810x455.jpg)For the first time this year, Social Security benefits began to exceed the program’s cost. With burdening unemployment due to the pandemic and the demographic headwinds of a smaller workforce and longer life spans, fully refunding the program may be a pipe dream. Future retirees should expect smaller benefits or higher taxes or both. Social Security benefits are meant to supplement an employee’s overall retirement savings. According to the Center on Budget and Policy Priorities, in 2019 Social Security benefits replaced only about 38% of past earnings for an employee retiring at age 65, yet today 1 in 4 seniors rely on Social Security benefits for 90% of their income. The reality is Americans need to save more. American workers will have more opportunity to do so next year when Multiple Employer Plans, adopted as part of The SECURE Act, are allowed more broadly in the retirement market. Employers will now have incentive to offer 401(k) plans that are less costly and easier to maintain and can be offered to a wider range of employees. To make the most of every contribution, employers should ensure these plans incorporate services that promote financial health and are managed prudently by experienced professionals. That’s where GGA can help. As a 3(38) investment manager, we offer a proven investment process to provide complete transparency and peace of mind for employers while providing education tools for every employee to make the most of their hard-earned savings. Whether you are an employer, financial advisor or an employee close to retirement, find out how GGA works tirelessly to advocate for financial wellness. Give us a call at (203) 210-7814 or click the Learn More button. 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