High earners beware: You can’t live on just Social Security in retirement
At its inception, Social Security was never intended to be the sole source of income for people in retirement, and beneficiaries today will find that their benefit check provides, at most, only about 40% of what they need to live. Interestingly, about one quarter of today’s high-earners approaching Social Security eligibility have a huge misconception of how much of their post-career income will come from Social Security, putting their future retirement comfort at risk. The biggest culprit? Healthcare costs. In this Money magazine article by Elizabeth O’Brien, the author describes how Social Security will provide a smaller percentage of high-earner’s retirement income, yet see even that smaller amount consumed by rising healthcare costs. Click here to read more.