The Daily Money: 3 reasons not to rely on Social Security alone for retirement

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The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Thursday, July 9 Happy Thursday, Daily Money readers. It's Brett Molina here ready with your Friday Eve headlines. Among the critical income sources for retirees is Social Security. Collecting those benefits can help play a role in how comfortable your finances are in retirement. However, there are three important reasons why you shouldn't solely rely on Social Security when you retire. Unemployment claims filed by Americans continue their historic pace despite declines in recent weeks. Another 1.3 million Americans filed claims last week, bringing the total to near 50 million after 16 weeks. And recent spikes in COVID-19 cases have raised fears businesses will shut down once again. Finally, add Bed Bath & Beyond to the list of retailers planning to close stores. The home goods chain said it's planning to close approximately 21% of its locations. The company said it would save them between $250 and $350 million annually. Need more Money and Tech news? Keep scrolling. Brett Molina, Money/Tech editor Don't rely on Social Security alone for your retirement It's crucial to save for retirement independently rather than assume that Social Security will provide all of the income needed for senior years. 49.8M Americans filed jobless claims in 16 weeks Ford employees question selling police vehicles Bed Bath & Beyond to close approximately 200 stores Self-employed? You may be eligible for a $1,000 grant 2021 Corvette Stingray price, features revealed Heinz 'Creamz' kits turn sauces into ice cream Amazon to stop selling Redskins merchandise Starbucks buy-one-get-one free deal returns Thursday Sur La Table files for bankruptcy, closing stores   FOLLOW US Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2020 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102