You'll often hear that it's important to save for retirement and not simply plan to live on Social Security alone. But the reality is that saving for retirement takes effort and sacrifice. And it's easy enough for your IRA or 401(k) contributions to fall by the wayside when life's many expenses get in the way.

If you're a good number of years into your career and haven't really been focusing on retirement savings, you may want to start doing things differently. Retiring on Social Security alone could result in a world of financial pain, and you don't want to struggle to cover your bills later in life.

Image source: Getty Images.

Continue reading

Source Fool.com