Buying Into These Retirement Myths Could Ruin Your Senior Years

Diving into retirement without giving it any thought isn't the best idea. You should really spend years planning for retirement so you're able to go in ready. But in the course of your planning, you might come across some misinformation that could lead you to make very poor decisions. Here are a few myths with the potential to wreck your senior years.

You'll often hear that if you buckle down and live frugally, you can get by solely on the income you collect from Social Security. In reality, Social Security only pays the average senior today $1,543 a month, and in recent years, its annual raises have been notably stingy. If that sounds like enough to live on as a senior, then go ahead and neglect your nest egg. Otherwise, you may want to start pumping money into an IRA or 401(k) plan while you can so you'll have income available to supplement what could be a very modest monthly benefit.

Image source: Getty Images.

Continue reading

Source Fool.com