Did you know that, according to the Social Security Administration, also known as SSA, an estimated 45 million Americans get Social Security retirement benefits every single month? Also, the average benefit each month is $1,503 and for some Americans, this monthly benefits represents their primary source of retirement income.
If you’re banking on Social Security in order to supplement what you’ve saved in a retirement savings plan such as 401(k), IRA (an individual retirement account), or another qualified retirement plan, you may have a surprise once you receive your first payment.
So, if you just started getting Social Security benefits, here are some strong reasons why you may be receiving a lot less than you actually expected.
