What your income would be on Social Security alone - The Motley Fool
According to the Social Security Administration, Social Security benefits represent about 30 percent of the income of the elderly. Also, 37 percent of men and 42 percent of women receive 50 percent or more of their income from Social Security. Among elderly Social Security beneficiaries, 12 percent of men and 15 percent of women rely on Social Security for 90 percent or more of their income. If you do not have retirement savings by the time you leave the workforce, you may be faced with the harsh reality of living only on your Social Security income. Christy Bieber looks at what the average Social Security beneficiaries’ annual earnings would look like if you tried to live on Social Security without any supplemental income after you leave the workforce. Read Ms. Bieber’s article here…
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