These Social Security Myths Could Sink Your Retirement
In the course of preparing for retirement, there are certain things you'll need to do: sock money away in an IRA or 401(k), read up on healthcare costs, decide where you'll settle down during your senior years, and come up with a game plan for claiming Social Security.
But if you buy into the wrong information, you could end up botching your filing and regretting it after the fact, or making poor choices with regard to how much you save. Here are three Social Security myths with the potential to destroy your retirement.
Many people assume they can fall back on Social Security once their time in the workforce is over, and so they don't push themselves to save. But if you expect Social Security to replace your entire paycheck, think again. Those benefits will, in a best-case scenario, replace about 40% of your previous income if you're an average earner. If that sounds like enough income for you to live on during retirement, then you may be all set. But chances are, that's not the case.
Source Fool.com
