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The Harsh Realities of Living on Social Security
It’s common knowledge that the average monthly Social Security benefit these days is slightly over $1,900, and there’s also a fairly common understanding that the program’s retirement benefits are intended to replace about 40% of a retiree’s average career earnings. But what does that really mean in everyday life? In a post today on Yahoo Finance, GoBankingRates’ Gabrielle Olya provides a recap of The Motley Fool’s recent survey of 2,000 Social Security beneficiaries and their day-to-day experience and struggles in living on payments from the program.
In her post, Ms. Olya discusses the proportion of beneficiaries who return to the workforce after beginning to draw benefits, as well as their views on the inadequacy of Social Security’s annual cost-of-living adjustment. She likewise touches on how some have adjusted their spending habits to deal with their situation, Overall, a thought-provoking read, which you can access here.
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