3 Retirement Myths You Can't Afford to Believe

Search the internet, and you'll see that there's a ton of retirement advice out there. Some of it's good, some, less so. But one thing you definitely don't want to do is buy into some of the common misconceptions that tend to circulate with regard to retirement. If you make the mistake of believing the following myths, you're likely to wind up miserable during your golden years.

Though Social Security does serve as a critical income source for millions of retirees, those benefits are not designed to sustain you in the absence of other income. If you're an average earner, you can expect your benefits to replace about 40% of the income you're used to, though that assumes benefits don't get slashed across the board in the future. Most seniors, meanwhile, need roughly double that amount to live comfortably in retirement, and some, inevitably, require more. As such, depending on Social Security alone is a horrendously bad idea.

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Source Fool.com