About 35% of workers expect Social Security to be a major retirement income source. Social Security finances are incredibly shaky, making heavy reliance risky. Saving independently for retirement is recommended rather than depending on Social Security as a primary source. Retirees may need less income because many expenses decline, including mortgage payments, commuting costs, and vehicle expenses. Essential expenses such as food, utilities, and healthcare remain, limiting how much income can be reduced. Incorporating Social Security benefits into retirement income plans can help, but depending on those benefits as a major source could leave retirees financially vulnerable.
A good 35% of workers today expect Social Security to be a major retirement income source. Financial guru Dave Ramsey thinks people in that boat are in for a hard lesson. It's best to save for retirement independently rather than rely on a program whose finances are incredibly shaky. Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today.
When you retire, you may end up needing less income than what you need during your working years. The reason is because a number of your expenses may be lower. If you bought your home in your 30s and retire in your 60s, you may no longer have a mortgage by the time your career comes to an end. Not having to make those monthly payments could free up a lot of room in your budget.
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