Relying on Social Security alone is risky, especially for anyone under 40, since there’s real uncertainty about what will be available by the time you retire. Social Security can be one piece of a retirement plan, but it shouldn’t be the main source of income.
The biggest mistake clients make is they think that they have retirement all taken care of with Social Security. And yet they haven’t checked into Social Security to see what they’re earning in retirement, even if it’s going to be available. Because if you’re under the age of 40, there’s a pretty good possibility that it won’t exist when you retire. So don’t rely on Social Security to be your main source of income in retirement. It can be a bucket but not the main source.
