Millions of Americans pay into Social Security every week with the hope that, someday, they’ll be able to retire.
But a new AARP survey found that too many Americans are depending too much on their Social Security after they stop working. Half of those surveyed, ages 45 to 64, said they expect Social Security to be a major source of their household retirement income.
According to the Bankrate website, 30-million Americans had to tap into their retirement savings within the past year. 21-million Americans say, they aren’t even saving for retirement.
Financial advisers agree: your Social Security benefit is only meant to supplement your retirement income, not be the main source.
The average Social Security check is about $1,200 per month. The Social Security Administration says there’s only enough money to fund those checks up until the year 2035.