Not long ago, I was helping a friend decide whether they should invest for retirement in a traditional IRA versus the Roth version. As we discussed the tax benefits of each account, my friend made a comment along the lines of, "Well, I'd better up my savings game either way, since I can't count on Social Security to pay me a dime."

On the one hand, I was kind of glad he said that. Far too many people neglect their retirement savings, thinking they can fall back on Social Security later in life instead.

On the other, I felt compelled to clear up a big misconception about Social Security -- that it's going broke. And I'm here to share what I told that friend so you can plan for your retirement accordingly, and so current retirees don't have to whip themselves into a panic.

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Source Fool.com