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Social Security More Important Than Many Think
A recent survey from Provision Living notes just 39% of Americans say they’ll need Social Security to make ends meet during retirement. The study also states the average amount baby boomers say they’ll realistically have saved for retirement is $228,000. However, according to the Bureau of Labor Statistics, the average American age 65 and older spends nearly $46,000 per year. Hence the $228,000 would last but five years. Social Security can help, but at $15,000 per year in benefits the average person receives, $30,000 per year more must still come straight from savings. Thus, in reality, the $228,000 nest egg will last around seven years before running dry.
Read Katie Brockman’s full piece on the importance of making the most of your Social Security benefits and planning adequately for retirement 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.