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.