I have several friends whose retirement plan is to collect Social Security and, well ... that's about it. Now trust me when I say that I've tried -- repeatedly -- to talk some sense into them and explain that retiring on just Social Security is far from optimal. But the way they see it, since plenty of seniors do that today, why shouldn't that same plan work for them?

There are indeed retirees today who get all their income from Social Security. But that doesn't mean those people are in good financial shape. And if you decide to retire on Social Security alone, you might end up sorely regretting it.

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Source Fool.com