"The Ramsey Solutions blog highlights the big problem that many Americans are going to have to face when it comes to their retirement checks. Specifically, the blog warns that "Most folks think their monthly retirement benefit will be much more than what they'll actually get." Unfortunately, Ramsey said that this is an especially big issue among current retirees - but that even some younger people are also falling for the myth."
"He explained that 62% of current retirees report Social Security is a "major source of income," but just 35% of today's workers expect the same from their benefits by the time they retire. While he said it is good news that confidence in Social Security as an income source is falling, that's also a substantial number of Americans who have unrealistic expectations about their benefits."
Many Americans overestimate monthly Social Security retirement benefits and may receive far less than expected. Current retirees report Social Security as a major income source at a high rate, while far fewer workers expect the same from their future benefits. This gap in expectations signals that a substantial share of workers hold unrealistic assumptions about retirement income. Social Security can at best serve as one of several income sources rather than the sole foundation for retirement. Failing to plan additional savings, investments, or alternative income streams could leave retirees with significant financial shortfalls and reduced retirement security.
Read at 24/7 Wall St.
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