Here are some interesting facts about Social Security and saving for retirement that we thought you would find interesting as you file your taxes this year.
- “By 2037, all the social security reserves will have been drained and the income flowing into the program will be only enough to pay 75% of the schedule benefits. If that sounds tolerable, consider that two-thirds of seniors rely on Social Security as their main source of income. The average annual benefit is $14,000.”
– Washington Post
- “Nearly eight in ten small business owners prior to the recession in 2007 thought they would have enough money to live comfortably when they retire. By 2010, fewer than two in three felt this way.” – Dennis Jacobe, gallup.com
- “The average life expectancy was only 63 years when Social Security was first created, and there were 40 workers supporting each retiree. We now have about 3.1 workers for each retiree. And by the time I reach my mid-60s, there will be about two workers supporting me – and I don’t think they’re going to want to do that.” – Ken Dychtwald, New York Times
- “56% of retirees had outstanding debt when they left the workforce, and 96% refused to delay retirement because of the outstanding debt. In addition, 59% had saved less than $50,000 towards retirement.” – Survey, nonprofit CESI Debt Solutions
Published with permission from Technology Times. Source.Source.