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More and More Americans Are Relying Heavily on Social Security For Their Retirement Income - Yahoo/Finance
Social Security was created in 1935 to keep older people out of poverty when they could no longer work, but it was never meant to be your only source of retirement income. Currently, the average monthly Social Security income is only $25,000 per year. Yet more and more people aren’t saving for retirement due to the high cost of living.
Monthly Social Security benefits for about half of seniors provide at least 50% of their retirement income. Approximately one out of four seniors rely on Social Security for at least 90% of their income, and for some seniors, it is their only source of income.
Kerry Hannon has written an article about how dire this situation is becoming. He says it is more important than ever to delay taking your Social Security benefits as long as possible if you will be heavily dependent on them. Read the full article here….
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