3 Disappointing Facts About Social Security

A lot of seniors today rely on Social Security to pay the bills in retirement, and chances are, you'll one day do the same. But there's a lot of misinformation about Social Security, and if you don't understand how it works, it could really throw off your retirement planning. In fact, you may be unpleasantly surprised to learn that Social Security has its share of drawbacks. Here are three points about the program that may leave you disappointed.

Some people assume that Social Security will take the place of their former paychecks. Not even close. If you're an average earner, Social Security will replace about 40% of your pre-retirement wages -- and that's if benefits aren't slashed in the future (more on that down below).

For context, the average Social Security recipient today collects about $1,500 a month, or $18,000 a year. If you're an average earner, you can expect a comparable benefit down the line, adjusted for inflation.

Source Fool.com