3 Social Security Moves to Make for 2020
Social Security's importance to the pocketbook of the average American retiree can't be overstated. More than 60% of all retired workers lean on their Social Security payouts to account for at least half of their monthly income, and an estimated 15 million-plus use their benefits as a means of pulling themselves above the federal poverty level. Without this program, poverty rates among the elderly would be more than four times higher than they are today.
Furthermore, it's a program that's expected to play a key role in helping future generations of American workers make ends meet. An April 2019 Gallup survey found that 83% of respondents expect Social Security to be a "major" or "minor" source of income when they retire. That compares to the 90% of current retirees who told Gallup that the program is a "major" or "minor" income source right now.
Whether you're in your early 20s and just getting your feet wet in the workforce or you're nearing retirement, there are a couple of Social Security moves you should consider making in 2020 that are certain to put you in a better position once you begin taking your payout.
Source Fool.com
