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Americans Who Think They Won’t Need Social Security Are Likely Wrong
Katie Brockman cites a survey from Provision Living that finds only 39% of Americans say they expect to rely on their monthly benefits to make ends meet in retirement. While it may sound good, Americans are way behind on what they should be saving. Consider the average baby boomer expects to have around $228,000 saved by the time they retire, according to the same survey. Contrast that with the average adult age 65+ will spend about $46,000 per year, according to the Bureau of Labor Statistics. At that rate, that $228,000 will only last around five years. Read Brockman’s full piece here on how people should realistically plan and factor Social Security into their retirement planning.
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.