Assuming Social Security Benefits Can Fully Cover Your Living Expenses
This is one of the biggest mistakes seniors can do when planning for retirement. They expect that after years of hard work, their Social Security benefits will be enough to see them through a comfortable retirement. But you’ll actually find that your golden years will be a little dull if you do this.
In 2019, the average monthly checks that retirees got were only $1,471 per month. Do you think you can make this work for you during retirement? Maybe so, but you might have to give up a lot of your retirement dreams and wants.
That’s why you have to stop considering these benefits your only source of income during retirement. There’s a reason why financial advisers all across the U.S. push people to start saving for retirement as early as possible- many people will face huge financial hardships down the line if they do not.
Start working on your IRA and 401(k), it’s never too late!