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