Using Social Security as sole source of income is problematic
According to a new report by the Employee Benefit Research Institute 59% of retirees are using Social Security as a major source of income. However, as Maurie Backman of The Motley Fool notes, the program was never intended to be a retiree’s sole source of income. Social Security replaces only about 40 percent of pre-retirement income. By starting to save earlier in life, one will be better positioned to have a more comfortable retirement. Read Backman’s 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.
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