The Most Important Retirement Table You'll Ever See

Many people make one key mistake in the course of planning for retirement. Actually, it's sort of a dual mistake. They underestimate their expenses and overestimate their Social Security benefits.

The average senior on Social Security today collects $1,663 a month. Combined with additional income sources, that could make for a decent income. But on their own, Social Security benefits may not go very far, especially when we take into account the various costs seniors tend to face.

It's a big myth that living costs drop exponentially during retirement. Sure, they might shrink by a good 20% to 30%, especially if your mortgage is paid off and you're no longer having to carve out money to contribute to your IRA or 401(k) plan.

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Source Fool.com