Myth: Social Security will provide most of the income you need in. Fact: It’s likely that Social Security will provide a smaller portion of retirement income than you expect. There’s no doubt about it–Social Security is an important source of retirement income for most Americans According to the Social Security Administration, more than nine out of ten individuals age 65 and older receive Social Security benefits. But it may be unwise to rely too heavily on Social Security, because to keep the system solvent, some changes will have to be made to it. The younger and wealthier you are, the more likely these changes will affect you. But whether retirement is years away or just around the corner, keep in mind that Social Security was never meant to be the sole source of income for retirees. As President Dwight D. Eisenhower said, “The system is not intended as a substitute for...
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