4 Moves to Make If You Expect Social Security to Be Your Main Source of Retirement Income
If there's one dangerous misconception about Social Security floating around, it's that those benefits are enough to sustain seniors by themselves. In reality, they generally don't come close.
Social Security will replace about 40% of the average wage earner's pre-retirement income. Most seniors, however, need around twice that amount of replacement income to maintain a decent standard of living. As such, relying too heavily on those benefits could make for a rather miserable retirement.
That said, if you're on the cusp of your golden years and don't have much of a nest egg, you may have no choice but to bank heavily on Social Security and hope things work out for the best. At the same time, it pays to make these crucial moves to get as much money out of those benefits as possible.
Source Fool.com
