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Many Americans Have Zero Retirement Savings
It’s a shocking truth– 35% of Americans have no money set aside for retirement at all, according to a FinanceBuzz survey released in January 2020. The belief that Social Security benefits will take care of folks leads people to not save, but those monthly checks only replace 40% of pre-retirement income, an insufficient amount in and of itself to live comfortably. Maurie Backman explains what people should do and provides a chart with scenarios. The key is to save aggressively if one is still 10 or more years from retirement. Read her article here.
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.