First, let’s look at a couple myths. Many people believe that the Social Security money deducted from their paychecks is held or invested for them and will be returned when they retire. In reality, the money taken from your check is used to support today’s retired people, and the plan is for the workers behind you to support you when you retire. For all of us born after 1960 or so, this poses a problem: we’re facing the retirement of the baby boomers. Experts don’t agree about the health of the Social Security system once the boomers retire. Some think the system will run out of money, usually somewhere between 2020 and 2030, while others say it will weather the storm.

The other myth that could give you a false sense of security is the belief that Social Security payments are meant to be enough to live on comfortably after retirement. Social Security was never meant to be more than a safety net. It’s meant to protect you from poverty, not to allow you to live a comfortable lifestyle on Social Security checks alone.

When you’re thinking about how you’ll live when you retire, the safest thing to do is to ignore Social Security altogether. Think of it as something to hope for, but not to count on.