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Americans Don't Understand These Facts About Social Security

Americans Don't Understand These Facts About Social Security
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You May Be Shocked by the Average Social Security Benefit in 2021

WKBT
December 18, 2020 7:15 AM
newsfeedback@fool.com (Christy Bieber)
Posted:
Updated:
December 19, 2020 9:29 AM
When you reach retirement, chances are good Social Security will be one of your most important sources of income. But while you don’t have to worry about this popular entitlement program meeting its demise, you also can’t overestimate the amount it will provide.
Unfortunately, many pre-retirees think their benefit checks will do much more to ensure their financial security than will actually be so. If you’re one of them, finding out the average Social Security benefit for 2021 could come as a big surprise.
Image source: Getty Images. ....

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Americans Don't Understand These Facts About Social Security

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 ....

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