According to a 2019 survey, 64% of Americans only have $10,000 in retirement savings- and who knows how many have already dipped into those due to the coronavirus pandemic? Are you part of this group? Where are you right now on your retirement saving journey and how does your Social Security play into all of it?
Because you may be one of the millions of people across the U.S. that plan on relying heavily on Social Security, it’s important for you to stay as informed as possible. Are there gaps in your knowledge? If so, these could impact your retirement more than you might expect.
So, together, let’s fill those gaps!
It helps to know that the Social Security program started due to a lack of savings. Following the Great Depression, older Americans had few savings at the end of their working years. When the Social Security Act came into play in 1936, it helped millions regain some control over their financial lives.
Nowadays, thinking that you can rely solely on Social Security benefits may be your downfall. Here are some things you may not be aware of, so read on to find out how you can protect your retirement years by knowing everything there is to know about the program!