Yeah, no doubt. I was sure I’d still have my full pre-retirement income when I added the SS to my pension. NOT! But, I suppose there are lots of folks out there that are thinking that way.
I dumped almost all 401K’s etc. and focused on just getting real estate, etc. paid in full so my cost of living would be low. I did my best to starve the beast.
I kinda thought that initially, although I’m not retired. I have been disabused of that thought now. The average SS check is about $1,250 according to this excerpt and I believe that’s probably about right.
Now, SS is taxable so subtract, say, 15% or so for taxes and you’re down to about $1,060. Next, you had better account for health care coverage, and it’s staggering. Even if you have Medicare, which costs something, you need supplemental coverage, and Part D coverage, probably another $600 or so in fixed costs.
Now your SS is down to about $400 per month. Good luck with that!