24% of Middle-Aged and Older Americans Are Making This Terrible Social Security Mistake

Millions of seniors collect Social Security in retirement, and for many, those benefits serve as their primary source of income. But that's not what they were intended for.

Social Security is really only meant to supplement additional income streams. By itself, it generally won't sustain the average senior. That's because it only replaces about 40% of the typical wage-earner's pre-retirement income, and most seniors need somewhere in the ballpark of 70% to 80% of their former earnings to keep up with their living expenses.

It's therefore troubling to learn that 24% of Americans aged 40 to 70 plan to rely on Social Security "a lot" in retirement, according to a new TD Ameritrade survey. In fact, that percentage thinks Social Security will serve as a lifeline to keep them afloat financially.

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Source Fool.com