It’s never too early or too late to start planning for retirement. However, in the U.S., when it comes to retirement savings, later seems to be the standard. According to RothIRA.com, only 56% of today’s workers in the U.S. are currently saving money for their retirement, and 38% of those currently saving have less than $10,000 saved. With one-third of Americans admitting that they have no retirement savings at all, it’s clear that many U.S. workers will reach retirement age with little to no resources to count on.
Time certainly goes by fast. One day you’re interviewing for your first job and the next thing you know you’re a few short years from applying for Social Security.
If you’ve planned for your retirement, you’ll likely have a good stash of funds saved. But the unfortunate news is that according to the Insured Retirement Institute, 42 percent of baby boomers have nothing saved for retirement, and even those that have saved don’t have nearly enough to survive on.
As of December 2018, more than 43.7 million retired Americans collected Social Security, with more than 8 million disabled workers collecting benefits as well. But Social Security is much more than retirement income. Along with providing a small income to millions of seniors, Social Security also provides life insurance as well as survivor benefits.
If you’re nearing retirement age and still have a lot of questions about Social Security, here are a few facts for you to consider: