Living only on Social Security is a frightening thought, but it is the scary reality for millions of Americans. In fact, nearly 20% of those 65-years-old or older count on their monthly social security check for 100% of their income in retirement.
According to a recent Washington Post article, 61% of Americans rely on Social Security for more than 50% of their post-retirement income. Amazingly, 43% of single seniors rely on social security for 90% or more of their retirement income.
What does that mean in reality? According to the Social Security Administration (June 2017), the average annual payment is only $15,054. Could you live on that sum? It is highly unlikely if you are living in the NYC metropolitan area. With the demise of the traditional DB pension plan, it is highly likely that these harrowing numbers will only get worse.