What Social Security Means to Americans
If you are thinking about retirement, you’ve probably been thinking about Social Security. Even if you’ve saved your money in a smart way, the Social Security that is available to you will be a welcome boon.
Unfortunately, not everyone has been able to save enough money for their retirement, and so they will be relying heavily on the benefits due to them.
Social Security is saving Americans from poverty
Without Social Security income, over 22 million Americans would be below the official poverty line, according to a study by the Center on Budget and Policy Priorities. In 2017, it was reported that the federal poverty level was at $12,060 for individuals and just over $4000 more for a family of two at $16,240.
It works out that for people aged 65 and older, one-tenth is living at or below the poverty line. However, without Social Security, it would be far higher. Over 41% of them would be living in poverty if they did not receive any Social Security.
You could retire overseas
The Social Security Administration will send your money to you if you are overseas. And a dollar goes much further in many countries. You could end up sipping cocktails on a beach for far less than you would to achieve the same lifestyle in the United States. Think Costa Rica, Belize, or some tropical island somewhere. It could be you.
You could be covered
The Social Security Administration is currently covering about nine out of ten workers between the ages of 21 to 64 in the event of their requiring assistance due to long-term disability. The SSA will take care of you if you have 40 lifetime work-credits.
If you are not sure what you are entitled to, you should find out just where you stand. Go online to the website https://www.ssa.gov/, and read up as much as you can. Get financial advice from a professional and get planning.
These are just three nuggets of information that could help you in the future. Find out what is best for you, and work out what is going to be due to you, so that you can get the maximum benefit out of your Social Security.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
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David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC