Be weary of having too much faith in Social Security
According to a recent survey by the reverse-mortgage lender American Advisors Group, almost 50% of all baby boomers say that Social Security will be their primary source of money in retirement. As Kailey Fralick reports, that is worrisome because Social Security was only designed to replace about 40% of pre-retirement income for average earners. The average benefit check was $1,472 in July 2019, which totals $17,664 per year. She further notes Social Security is just a start and it also faces an uncertain future due to demographic issues, though the program will not go away entirely. Read her full piece here on how boomers should plan properly.
The AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of the Social Security program. Learn more about it here…
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