For nearly eight decades, Social Security has been a financial rock for retirees. Designed as a program to provide benefits for older Americans who no longer could provide on their own, it’s responsible today for keeping more than 15 million aged beneficiaries above the federal poverty line.
But you have to understand, there’s a fine line between counting on Social Security to help you out in retirement and expecting Social Security to do most of the heavy lifting. Of the more than 43 million retired workers receiving a Social Security check as of September, 62% were relying on their payout to account for at least half of their monthly income. Further, 34% are leaning on the program for virtually all of their income (90%-plus).
You might be under the impression that there’s no harm in relying on Social Security to be your primary income source during your golden years, but it’s actually a very bad idea for the following five reasons.
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