You Can Retire Comfortably on Social Security Alone

It’s tempting to think of Social Security as the cornerstone of retirement income. 

After all, the system was designed as a safety net—a promise to hardworking Americans that they’d have something to fall back on after a lifetime of contributing. 

Yet, relying on Social Security as the only income source in retirement is a risky gamble.

Social Security provides a steady check month after month, but here’s the catch: it’s only meant to replace about 40% of pre-retirement income for an average wage earner. For some, that’s barely enough to cover the essentials, let alone fund a comfortable, fulfilling lifestyle.

Social Security is just one part of the retirement equation—a piece of the puzzle, NOT the whole picture. 

5 Common Myths About Social Security

 

You’ll Spend Much Less in Retirement

Many people believe they’ll spend significantly less in retirement. It’s a common myth—and a risky one. Here’s the truth: retirement doesn’t erase expenses. 

It just shifts them.

In retirement, some costs may decline, like commuting or certain work-related expenses. But others often increase, especially healthcare, travel, and leisure activities. You’ll have time for hobbies and experiences you’ve always wanted, but those come with a price tag. 

Life’s comforts don’t end with retirement, and neither do the bills.

Thinking you’ll spend less can lead to underestimating what you’ll truly need. Instead, plan for flexibility. Be realistic about your lifestyle and goals. Think ahead about potential healthcare costs, inflation, and unexpected expenses.

Build a retirement plan that lets you live comfortably, no surprises.

 

It’s Too Late to Start Saving if You’re Older

“It’s too late to start saving if you’re older.” We hear this myth from too many people. But the reality? It’s never too late. Even now, if you’re close to retirement age, you can make a meaningful difference.

Every dollar saved adds up. Even a few years of disciplined savings and investing can help you bridge gaps, cover unexpected expenses, or increase your financial comfort. Small, consistent contributions grow over time, especially when paired with smart investment choices.

If you’re starting later, take advantage of catch-up contributions to retirement accounts. Maximize any employer matches. Look for ways to cut unnecessary expenses and channel those savings toward your future.

It’s true that starting early is ideal… 

…But starting today is what counts.

 

You Should Claim Social Security as Soon as Possible

This myth leads many to make rapid decisions without considering the long-term impact. Here’s the reality: claiming Social Security too early can reduce your benefits for life.

Yes, you can start as early as 62, but for every year you wait—up to age 70—your benefits increase. That’s a permanent boost, meaning more monthly income for the rest of your life. Waiting to cash in could translate into tens of thousands more in your retirement.

Make sure to take into consideration your health, life expectancy, and other income sources before claiming. It’s a strategic decision, not a one-size-fits-all. Waiting just a few years could mean a stronger, more stable retirement.

More myths about Social Security

 

Retirement Planning is Only About Money

People plan for retirement but don’t think about how they want their retirement to be.

It’s easy to get caught up in focusing only on the money and miss the forest through the trees. Even this article is largely about finances!

But what is the money for? What do you want to do? How can you use a lifetime’s worth of skills and knowledge to feel purpose in retirement? These are important questions to ask yourself as you navigate this stage of your life.

Click here to build a plan to align your finances with what really matters in life.