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Money Talks News: 8 Social Security Myths Exposed

Myth: I’ll be able to live comfortably on Social Security alone

If you’re counting solely on Social Security to support you after retirement, you might find yourself in a difficult financial situation: The average Social Security payment to a retired worker is around $1,234 per month – less than the Federal minimum for a month’s wages.

So unless you’re prepared to supplement Social Security with savings or a pension, be prepared for a challenge. Consider cost-cutting measures, like minimizing housing expenses, as well as earning extra income. You can work and claim Social Security benefits at the same time.

(iStock)

More from Money Talks News:
5 Things to Consider For a Less Taxing Retirement
How to Replace Lost, Stolen, or Destroyed Personal Paperwork
Ask Stacy: Is It Too Late for a Happy Retirement?



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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