The Motley Fool: The Average Social Security Benefit Won't Even Cover Rent in These 8 States
Being overreliant on Social Security is a dangerous proposition.
Sean Williams (TMFUltraLong)
Mar 8, 2019 at 6:06AM
For nearly eight decades, Social Security has been a financial rock for our nation's retired workforce. Today, according to an analysis conducted by the Center on Budget and Policy Priorities, more than a third of all beneficiaries (including survivors of deceased workers and the long-term disabled) are lifted out of poverty solely as a result of their guaranteed monthly payouts.
However, it's also a program that beneficiaries tend to lean on much more than they should. At last check, the Social Security Administration (SSA) found that 62% of retired workers were deriving at least half of their monthly income from Social Security, with 34% netting 90% to 100% of their income from the program.
Courtesy of The Motley Fool