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What Social Security Means to Americans

Core Facts

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Wednesday, August 15, 2018

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.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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

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Author: Sally Falkow

Categories: Retirement Planning Information

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 800-367-3000 Visit our website: www.davidlerner.com

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