"Eighty-eight years after President Franklin Roosevelt signed the Social Security Act on August 14, 1935, Social Security remains one of the nation’s most successful, effective, and popular programs. ~COBAPP
According to the Center On Budget & Priorities:
The average Social Security retirement benefit in February 2024 was $1,862 per month, or about $22,344 per year.
Most retirees enroll in Medicare’s Supplementary Medical Insurance (also known as Medicare Part B) and have Part B premiums deducted from their Social Security checks. As health care costs continue to outpace general inflation, those premiums will take a bigger bite out of their checks.
Social Security benefits are also modest by international standards. The U.S. ranks in the bottom third of developed countries in the percentage of an average worker’s earnings replaced by the public pension system.
The bottom line is social security retirement funds may be available but are they enough? If you do the numbers I'm sure you'll find that social security retirement by itself is at best poverty living in the US. So what needs to happen? Financial education as well as putting a plan in place that allows your money to work for you to ensure that this 'supplemental' source will not be the ONLY source you rely on as you age. We see a lot of sad stories of those who have failed to plan. So when you fail to plan, this means you plan to fail. It's never too late to get a system in place so that you can secure your future.
For more info about your personal standing go to https://www.ssa.gov/ and create an account and log in. There is a lot of helpful information that can assist you as you begin to put together the pieces of your legacy.
Remember it is up to you to bring all of the financial pieces together to ensure that what you are stewarding goes beyond your life span. The first step is being informed.
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