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Can Social Security Save Your Retirement?
Maurie Backman notes an estimated 33% of workers 55 and over have less than $10,000 set aside for the future. One of the prevailing views held by so many is that Social Security will save folks in retirement. The problem is Social Security only replaces about 40% of average workers’ pre-retirement income. Most seniors, however, need somewhere between 70% to 80% of their former earnings to live comfortably. Backman’s full piece explains what steps to take in advance, so one doesn’t have an over reliance on Social Security benefits.
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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.