During retirement, it’s crucial to make sure you don’t buy into common misconceptions about how to manage your senior years.
According to The Motley Fool, there are four main myths well worth avoiding. First and foremost, don’t assume you can get by on Social Security benefits alone. On average, Social Security replaces only about 40 percent of your working income.
Next, depending on where you live, you might not keep Social Security benefits in full. Some states tax this income, and the IRS will, too, if you exceed certain income limits when you add in withdrawals from retirement accounts or keep working.
Another common misconception is that your healthcare costs will decline once you’re on Medicare. You still will have premiums, deductibles, and co-pays to cover depending on what supplement plan you may choose.
Lastly, some believe that once they quit working and don’t have to go to a workplace their costs will go down. They will, but that freed-up money could soon go for other things because you’ll have more free time to enjoy more activities.
Council of Seniors Wants to Secure More Benefits for You
Extra income makes retirement more enjoyable. That’s why Council of Seniors is committed to getting The SAVE Benefits Act passed by Congress. We need this bill to recover the recent shortfall in Social Security cost of living adjustments (COLAs). If it passes, seniors will be reimbursed $581 in benefits that should have been paid all along.
Please sign our petition today! Your help in returning this money to seniors will be greatly appreciated.