Kevin O’Leary, star of Shark Tank and a prominent investor, has been outspoken about the limitations of Social Security and the necessity of proactive retirement planning. He emphasizes that relying solely on Social Security is insufficient for a comfortable retirement. O’Leary advises individuals to aim for approximately 65% of their pre-retirement income during retirement. For instance, if someone earns $100,000 annually, they should target $65,000 per year in retirement income. Given that the average annual Social Security benefit is around $23,000, this leaves a significant gap that needs to be filled through personal savings and investments .Hindustan Times+1Infoemplea2+1Infoemplea2+1GOBankingRates+1Nasdaq+2Benzinga+2Hindustan Times+2Hindustan Times

To bridge this gap, O’Leary strongly recommends contributing at least 15% of one’s salary to a 401(k) or similar retirement account. He suggests that with consistent contributions and average market returns, an individual could accumulate approximately $1.5 million by retirement . O’Leary emphasizes the importance of lifestyle adjustments to facilitate these savings, advising individuals to cut unnecessary expenses and prioritize their retirement goals .The Motley Fool+2GOBankingRates+2Moneywise+2This Is Money

Additionally, O’Leary advises against retiring with outstanding debt, as it can significantly hinder financial freedom in retirement. He stresses the importance of eliminating debt before retiring and suggests that individuals continue working, even part-time, if necessary, to ensure financial stability .Hindustan TimesBenzinga

In summary, Kevin O’Leary advocates for a proactive and disciplined approach to retirement planning, emphasizing the insufficiency of Social Security as a sole income source and the necessity of personal savings and financial discipline.Infoemplea2+1GOBankingRates+1