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Seniors and Social Security Expectations–Over Estimation can Lead to Problems

Planning for the financial aspects of one’s retirement life is a daunting process, and for many folks it’s made even more consequential as a result of their being misinformed about Social Security and the role it will play in their later years. A recent study by the University of Southern California’s Center for Economic and Social Research puts a spotlight on these consequences, noting that “Americans have a generally vague understanding of the way that Social Security benefits work, and that vague understanding leads to an overestimation of the potential impact of such benefits on retirement financing…” That overestimation, the study concluded, contributes to inadequate savings during the time leading up to retirement, which in turn leads to over-dependence on Social Security benefits. a post by Reverse Mortgage Daily, citing a post by Boston College Center for Retirement Research, presents a good summary of the predicament. Check it out here…

And if you have any questions or concerns about how Social Security works or how it fits into your personal situation, know that the AMAC Foundation operates a free-to-the-public service with a staff of trained and accredited Social Security Advisors who can help you. Learn more about it here…

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