"I Used to be Young and Poor,

and after working for 40 years, I am no longer ... young." - satircal post from Wall Street Bets.

From what I 've read, that's how many people near or in retirement feel.  Social Security isn't enough.  Retirement savings isn't enough.  Combined, it's still tough to cover all retirement costs, especially growing medical costs and future costs for senior living expenses such as assisted or long term care.

And now, if Congress doesn't act, Social Security benefits will be cut 23-24% across the board in 2033.  Yikes.   That may make some seniors old and poor.

IMHO, to avoid being old and poor, I work with my kids to save as much as they can, up to 20% of their earned income.  Invest the funds in the S&P500 and HODL.  If there is Social Security, consider that a bonus.  If there's an inheritance, that's another bonus.

In our case, our employers had a retirement savings plan but no pension.  We assumed that there would be no Social Security and targeted to save 20X our pre-retirement income before retiring.  In hindsight, 30X would have been better to help during the Great Recession, which occurred immediately after we retired in our 40s.  We did receive Social Security and an inheritance.    

So far it has worked, and we continue to watch and manage our retirement income.  As always, it works until it doesn't.   YMMV.

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This is not financial nor retirement saving advice. Please consult a professional advisor.

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