Ten Reasons Today’s Retirees Are Relying on Social Security
Social Security was only designed to replace a portion of one’s working income, and it currently replaces about 40 percent. That means retirees need other sources of income and savings to make ends meet. As Andrew Lisa reports in Yahoo Finance, there are 10 reasons today’s retirees are relying on Social Security. The first five are 1.) They Saved Far Too Little — or Nothing at All; 2.) 401ks Don’t Work as Well as Pensions; 3.) Wages Have Remained Stagnant for Decades; 4.) Economic Downturns Dash Retirement Dreams; 5.) Healthcare Costs Are Rising Quickly for Older Americans. All ten are in the full 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.