Millions of Retirees Make This Social Security Mistake

By Markets Fool.com

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There are few government services that Americans rely on more than Social Security retirement benefits. But as many as 47% of certain retirees make the mistake of relying on them too much.

As I explain in the presentation below, Social Security retirement benefits were never meant to be the sole source of a retiree's income. They were designed merely to supplement a person's savings and/or pension plan.

Despite this, an increasing number of people have come to rely inordinately on their Social Security benefits. According to the Social Security Administration, roughly 22% of married retirees and 47% of unmarried retirees count on their monthly benefit checks for 90% or more of their income after work.

To understand why this is such a mistake, scroll through the presentation below, which lays out a number of facts and figures about the pitfalls of putting too much emphasis on Social Security for income in retirement.

Why It's a Mistake to Rely Exclusively on Social Security Benefits in Retirement from

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The article Millions of Retirees Make This Social Security Mistake originally appeared on Fool.com.

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