Just how important is Social Security?
Most of us intuitively understand that Social Security is a program which is extremely important to America’s senior citizens. Statistically, we know that about a third of recipients rely on their monthly Social Security payment for at least 90% of their income, and that more than 60% depend on that benefit for at least half of their monthly income. The thing is that today, younger workers might look at the 2018 average Social Security benefit payment of about $1400 and think “big deal; that’s not very much”, but to do so they may be underestimating the value that benefit will be to them when their time to retire has arrived. Going way beyond the intuitive, this Motley Fool article by Brian Stoffel examines the realities of retirement spending, dependence upon retirement savings, and disappearing supplemental income sources (pensions), to arrive at a thoughtful conclusion that Social Security will, indeed, play a very important role in everyone’s retirement future. Click here to read more.