48% of Older Households Are Making This Dangerous Social Security Mistake
It's no secret that Social Security is a major income source for many retirees today, but some older Americans are relying too heavily on those benefits. In fact, 48% of households aged 55 and over have no retirement savings or pension outside of Social Security, reports the Senior Citizens League. Nearly half of seniors today risk falling behind on their bills and struggling to make ends meet.
The average senior on Social Security today collects $1,523 a month, or $18,276 a year. That's not a lot of money to live on to begin with. When we look at healthcare costs alone, those benefits start to look even weaker.
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Source Fool.com