Could you be making a big Social Security mistake without realizing it?
You could be, if you’re relying on Social Security as your sole source of retirement income.
Relying solely on Social Security as a source of retirement income is unwise due to several reasons. First, Social Security benefits alone may not provide enough income to maintain a comfortable lifestyle in retirement, especially considering rising costs of living.
Second, the future of Social Security is uncertain, and changes to the program may occur over time, potentially reducing benefits or eligibility criteria. Lastly, depending solely on Social Security neglects the opportunity to build personal savings and investments, which can provide a cushion during emergencies or unexpected expenses.
Diversifying retirement income sources through personal savings, investments, and other retirement accounts is essential for long-term financial stability and peace of mind.