From June 2016 to June 2017, more than 2.9 million Americans signed up for Social Security benefits. On average, these people received $1,413.08 in monthly benefits—with women receiving less on average when dividing that group up between genders. For many attempting to maintain a certain standard of living in retirement, Social Security alone will be inadequate; however, that’s not to say it will not help as a supplemental form of income. That being said, as we look toward the future, the concept of Social Security for millennials is still somewhat questionable.Continue reading » Social Security for Millennials: Will It Be There in Retirement?
In 2017, the average Social Security check was $1,360 per month. Social Security may not be enough for one to live off of solely in retirement, but it certainly helps as a supplemental form of monthly income when your regular income from your full-time job has ceased. However, the future of Social Security is a bit uncertain. Some fear a disappearance of Social Security benefits altogether, while others think it is more likely that Social Security benefits will just suffer a reduction—a sentiment that is more justified than the former.Continue reading » The Future of Social Security: Will It Be Sustainable?
Social Security is a federal insurance program that provides benefits to retired people, the unemployed and the disabled, and it can be a helpful source of income in retirement. According to the Social Security Administration (SSA), in 2017 nearly 62 million Americans received approximately $955 billion in Social Security benefits. In addition, nearly nine out of 10 individuals aged 65 and older receive Social Security benefits, which account for about 33 percent of retired persons’ income. The amount of the benefit you receive is calculated based on your earnings during the time you were working, but you can also maximize your benefit depending on how you prepare yourself to claim Social Security.Continue reading » 4 Ways to Prepare Yourself to Claim Social Security