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Here’s Why You Might Be Kissing Your Social Security Check Goodbye
Social Security is a financial backdrop that’s been in place for nearly eight decades in order to help low-income retirees upon their retirement, as well as the disabled and surviving family members of qualified deceased workers. It’s also a program that covers 167.5 million current workers and is expected to pay benefits to countless millions in the future. According to the latest data from the Social Security Administration, the average retired worker is pulling in $1,328 a month in benefits income, while retired workers with a full-retirement aged spouse are earning an average of $2,176 per month. Optimally, Social Security wasn’t designed to replace more than 40% of a worker’s salary in retirement, although this figure is higher for low-income individuals (55%) than it is for maximum earners (27%). Read more…
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