Countless Americans look forward to retirement and the opportunity to leave their careers behind. But if you're not careful, a few critical mistakes could ruin your chances of enjoying the comfortable retirement you've been dreaming of. To avoid falling victim, study these three retirement rules -- and follow them closely.
One major retirement-related misconception is that Social Security will suffice in paying the bills for the typical senior. But this actually couldn't be further from the truth. In a best-case scenario, Social Security will replace roughly 40% of the average worker's preretirement income. But even if you're willing to live a relatively frugal lifestyle as a senior, that amount won't come close to covering your bills. The average beneficiary today, in fact, collects just $16,320 a year, but since the average healthy senior will spend $200,000 (or more) on healthcare in retirement, that $1,360 a month won't go very far.
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Source: Fool.com