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Some seniors will continue to struggle even with a raise
Maurie Backman of The Motley Fool notes that many seniors still struggle to make ends meet on Social Security. Over-reliance on benefits is the main reason, as benefits only replace about 40% of pre-retirement income. Cost of living adjustments have been so low in the past two decades that many have fallen further behind. The official federal poverty level for a single adult is $12,060 per year. Average Social Security benefits are a mere $5,000 above that threshold at about $17,000 per year. Add in that many economists believe today’s poverty thresholds are so low that they ought to be doubled and the full extent of the poverty problem can be seen. Backman addresses steps that seniors can take before and during retirement to avoid poverty. Read the full piece 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.