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Americans Don’t Understand These Facts About Social Security GOBankingRates 3/10/2021 Levi Leidy © OcusFocus / Getty Images/iStockphoto young couple at home in bed late at night using mobile phone in relationship communication problem and internet social media network concept.
How much — or little — you know about Social Security can have a huge impact on your post-retirement finances. That’s especially true if you’re among the 64% of Americans with less than $10,000 in retirement savings, according to a 2019 GOBankingRates survey. What’s more: 46% claimed to have no savings at all.
A lack of savings was the primary reason Social Security was founded in the first place. In the height of the Great Depression, many older Americans were left penniless and without means to retire or even house themselves. The 1935 Social Security Act ensured that, even if older Americans had no savings or pension, they’d still have some form of income to help keep them afloat in their later years.
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