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1 in 5 Americans Are in for a Shocking Social Security Surprise
There is a very harsh reality about Social Security benefits that 20% or more of future retirees just don’t comprehend. In short, payments are more meager than people realize, replacing a scant 40% of pre-retirement income. Many Americans are overestimating the role Social Security will play in supporting them. Christy Bieber notes too many seniors rely too heavily on the program, and that could potentially leave retirees with too little money. Social Security can’t be the sole source of retirement income. Bieber’s full article is here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
With the constant increase in taxes, living expenses etc. throughout the country and no pensions, how could anyone reasonably believe that 401K is the answer? People are barely able to meet standard costs of living expenses. Social Security retirement benefits are earned and not free for hardworking people and not general assistance.
You are correct in saying it was a shock when I realized my cheque was not in my bank and maybe we do rely on it to much. I get mine direct deposit and pay several bills with automatic payment through bill pay. I have received a couple of notices that my payment is due when they should have been already taken care of.That’s when I got really concerned and found out that my SS cheque won’t be arriving until the 12th as my birthday is on the first day of the month. While it’s lovely we are getting an increase, I don’t remember getting anything about the date change. I hate owing money to anyone so to be late with a bill is a black mark on me and I have been apologizing all over the place today, luckily most of my debtors knew about the changes and are very accepting knowing they will be paid just a few days later. My late husband was military for 30 years and we got paid twice a month so some bills were paid at the begining of the month some in the middle after the 15th payday, hard habit to break. I Wish you all a Happy New Year and good luck.