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Although concerns exist about Social Security’s sustainability due to potential shortfalls after 2034, around 80 percent of benefits will still be funded by tax inflows.

What you should know: For a retired couple, the average monthly Social Security benefit of $3,800 is equivalent to a $760,000 investment when applying a six percent rule or using the 20-year Treasury bond rate. Further, when factoring Social Security into a retirement portfolio, it effectively reduces your need to rely on other investments for income. For example, a couple requiring $10,000 a month for retirement could maintain a more aggressive investment strategy (e.g., 60 percent stocks) if they incorporate Social Security, compared to a conservative 40/60 portfolio without it.

Key takeaways: You deserve to reap the benefits of a program you paid into for years on end. Therefore, it’s crucial to recognize the substantial role your benefits can have in your overall retirement plan. Ignoring Social Security can result in a significant financial oversight of $350,000 to $400,000 per retiree, or double that for a couple.