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Social Security

Social Security Facts

[Posted on 12/14/2015 at 8:47 AM]

Courtesy of: Cypen & Cypen Newsletter, December 10, 2015.

Copyright, 1996-2015, all rights reserved
Stephen H. Cypen, Esq., Founding Editor
Adam Levinson, Esq., Contributing Editor

Social security is not going broke, said the acting commissioner of the Social Security Administration, at a Brookings Retirement Security Project event. In fact, Social Security is the only guaranteed monthly income for a majority of older consumers. Here are 10 facts about Social Security and retirement planning mentioned during the event.

  • 60 million people received Social Security benefits in September 2015.
  • 1/3 of U.S. households spend all of their available resources in every pay period.
  • For the average worker, Social Security replaces only about 40% of pre-retirement earnings.
  • 45 million people are already 65 or older, and 10,000 people are turning 65 each day.
  • The average American now spends about 20 years in retirement (in 1950, the average was about 4 years).
  • 4 in 10 Americans aged 51-59 are reaching retirement with limited or no savings, and are projected to face a saving shortfall.
  • 2/3 of the 40 million Americans 65 and older who receive Social Security benefits depend on those benefits for ½ or more of their retirement income.
  • It is about 70% or more of income for those 80 or older.
  • Only 60% of people who retire claim to have done any retirement planning at all.
  • Delaying claiming Social Security “buys” people 6-8% more real benefits per year once they do take it.

Don't forget--you can also get an online social security estimate by creating your mySocialSecurity account.

 

 



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MOSERS
Missouri State Employees' Retirement System
Address: 907 Wildwood Dr., Jefferson City, MO 65102
https://www.mosers.org/images/mosers-logo-bg-375-280.jpg Phone: 800.827.1063 URL: Email: mosers@mosers.org Founded On: September 1, 1957