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Too Many Make This Social Security Mistake in Retirement
Maurie Backman cautions those nearing retirement of one of the single greatest mistakes people make when it comes to Social Security. The program was never designed to be a sole source of income in retirement, as it replaces a mere 40% of pre-retirement income, on average. The average retiree on Social Security today collects about $1,920 a month, or $23,000 annually. By itself, that amount would be insufficient for most to cover food, transportation, property taxes, insurance, and out of pocket medical costs, even if one’s house is paid off. Backman explains how to approach retirement in the piece here.