One of the huge money mistakes Stacy Caprio of Fiscal Nerd sees all too often is retirees thinking they can cruise through retirement on Social Security alone. According to Caprio, “This is not true and most would have to severely downgrade their lifestyle if they are counting on this.”
She sheds more negative light on the subject in saying, “Social Security is not a guaranteed benefit with the amount of debt our country is currently in and could be in in the future.”
Gregory J. Kurinec, a certified financial planner at Bentron Financial Group, Inc., also sees some issues with Social Security. While he is not as gloomy on SSI as Caprio, he notes, “not factoring in how big of a role Social Security will play in retirement” as one of the key money mistakes retirees make.
“I see retirees take a laissez-faire attitude when it comes to their Social Security claiming strategy,” Kuinec said, “The claiming decision you make today will not only affect the income you receive today and for the rest of your life, but also could potentially affect the income of your spouse as well.” This is why you must look at your situation now and your future plans before starting your Social Security payout.