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Misunderstanding Social Security can be very costly
It’s a pretty well established fact that most retirees count on Social Security as a major portion of their retirement income. Though the program was designed to replace about 40% of one’s pre-retirement income, about half of all current single beneficiaries rely on Social Security for at least 90% of their income, a pretty stunning statistic. So even a simple misunderstanding about Social Security can be a very costly thing. In this Motley Fool article by Katie Brockman, the author offers 3 facts which most people get wrong about Social Security, which could mean a big dent in their benefit payment. Click here to read more.