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Why Relying on Social Security in Your Golden Years May Not Be a Smart Idea
Social Security is enormous. This year alone, some 59 million Americans will receive close to $863 billion in Social Security benefits. These benefits are primarily paid out to retired workers, which is where about three-quarters of that $863 billion will go. For some retirees, Social Security is practically their sole source of income. According to statistics from the Social Security Administration, 22% of elderly married couples and 47% of unmarried elderly persons rely on Social Security for 90% or more of their income. And the majority of elderly Social Security recipients depend upon the program for more than half of their income (52% of married couples and 74% of unmarried persons.
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