Alarming misconceptions about Social Security
In an alarming study conducted by the National Retirement Institute, nearly half of Americans planning to retire in the next 10 years view Social Security as their primary source of future retirement income. Yet the average Social Security benefit check is only about $1,408 – scarcely enough to live on without a supplemental means of financial support. In reality retirees will need at least 75% of their pre-retirement income to survive comfortably, according to most financial planners. Couple this with the fact that by far the majority of Social Security recipients tend to claim benefits early, when they are reduced, and the problem is magnified. This article by Paul Davidson appearing in USA Today reveals that misconceptions abound about being able to live comfortably with Social Security as your main source of income. Click here to read more.
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