What role does Social Security play in retirement planning?

Social Security serves as a crucial part of retirement planning by providing a foundational source of income for retirees. While it offers some financial support, the benefits are generally not enough to cover all living expenses or maintain a desired lifestyle during retirement. As such, retirees are encouraged to have additional savings or income sources, such as personal savings accounts, pensions, or investments, to supplement what Social Security provides.

The other choices do not accurately depict the role of Social Security. It does not offer comprehensive funding for a retirement lifestyle, nor does it replace the entire income lost upon retirement. Additionally, Social Security is accessible to a broad range of workers, not just government employees, making it a universal benefit for those who have paid into the system through payroll taxes.