Could Social Security Save Your Retirement? Maybe, If You File at the Right Time
You'll often hear that saving for retirement is important and you shouldn't expect Social Security to cover all your senior living costs. But sometimes, saving for retirement can be easier said than done.
If you earn an average income, you may find that your paychecks are monopolized by unavoidable costs like housing, food, utilities, and the like. And if you have children, you may be inclined to put their needs ahead of yours and divert your extra funds to their college educations over your IRA or 401(k) plan.
Either way, if you're now nearing retirement and haven't amassed much of a nest egg, you may end up being heavily reliant on Social Security, whether you wanted that to be the case or not. But actually, if you file strategically, those benefits could help make up for a retirement-savings shortfall.
Source Fool.com
