Archives for October 17, 2017

Social Security Provides Majority of Retirement Income for Most Americans

“qara.info has partnered with CardRatings for our coverage of selected credit card products. qara.info and CardRatings may receive a commission from card issuers. All opinions expressed are the author’s alone, and the content has not been provided nor approved by any of the companies mentioned. Thank you for supporting this independent site.”

The Washington Post has a rather depressing article on The New Reality of Old Age in America, which includes the following chart about Social Security:

ss_percent

For 1/3rd of recipients age 65+, Social Security represents 90% or more of all their income. For 61% of recipients age 65+, Social Security represents at least half of all their income. In other words, Social Security is the cornerstone of retirement for the majority of Americans. Not a company pension. Not IRAs or 401k withdrawals.

Many articles like to explain how waiting until age 70 (the latest possible) to start withdrawals is mathematically the best move, but in reality the most common withdrawal age is 62 (the earliest possible). You only get about 75% of the monthly benefit at age 62 as compared to waiting until “full” retirement age (66 for current new retirees), but you get the money sooner.

Young people like to say things like “I don’t plan on Social Security being around when I retire”. (I probably said something like this too when I was in my 20s.) I have since talked to people whose sole income is Social Security. Nowadays, I don’t see how it could go away.

“qara.info has partnered with CardRatings for our coverage of selected credit card products. qara.info and CardRatings may receive a commission from card issuers. All opinions expressed are the author’s alone, and the content has not been provided nor approved by any of the companies mentioned. Thank you for supporting this independent site.”

https://plasticsurgery.com.ua

тренболон энантат

https://tokyozakka.com.ua