6. Reduced Social Security benefits
Social Security benefits are probably the biggest shock for most retirees. A lot of them are disappointed by the fact that it is lower than expected and won’t last as long as they initially planned. This is the case for those who were forced to retire sooner and for those who had to claim the benefits before they turned 70 years old. The truth is that Social Security benefits are only supposed to replace about 40% of pre-retirement income and are not meant to serve as a primary source of support. Additionally, filing early might lower your benefits even more, often by as much as 30%, which is a lot!
Because we’re here to help you with useful advice, we recommend that you check up on your Social Security account to see what your benefits will truly be. If you have a down-to-earth idea of how much of your retirement income will come from this source, you can either plan your retirement budget or start saving to enhance it. Try to make your retirement years as easy as possible!
