Millions of seniors today collect a monthly benefit from Social Security. But in the context of Social Security, you have the unfortunate opportunity to make a number of mistakes.

You could, for example, sign up for benefits at the wrong time and slash them in the process. Or you could end up working while collecting Social Security and forgetting about the program's earnings-test limits.

But perhaps the biggest mistake you might make in the context of Social Security is assuming your benefits will replace your former paycheck in full. That line of thinking could leave you with a massive financial shortfall on your hands.

Continue reading

Source Fool.com