What Retirement Income Looks Like if You Only Have Social Security
Maurie Backman notes many seniors rely heavily on Social Security to cover their expenses. But she notes that if you don’t have income outside of those benefits, you will likely struggle to make ends meet. The average benefit of $1,559 per month yields about $18,700 annually. That is just not enough for anything other than existence. Seniors are generally advised that during retirement they will need about 70-80% of their former income to stay afloat. Social Security replaces a mere 40% of pre-retirement income. Backman suggests working part time in retirement and saving in other plans well before retirement to make up the difference. 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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