Here's the Average Social Security Retired-Worker Benefit Right Now

For most retirees, Social Security represents more than just a payment deposited into their bank account once a month. It serves as a foundational puzzle piece to their financial well-being.According to the Center on Budget and Policy Priorities, Social Security lifted more than 22 million people above the federal poverty line in 2023, some 16.3 million of whom were adults aged 65 and over. If the program didn't exist, the poverty rate for persons 65 and above would skyrocket from 10.1% (as of 2023) to an estimated 37.3%!Furthermore, Gallup has been surveying retired Americans annually for the last 23 years to get a bead on just how important Social Security income is to their financial health. Consistently, 80% to 90% of retirees have noted their payout is a "major" or "minor" income source. In other words, it's income that most retired workers would struggle to make do without.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool