You Could Double Your Monthly Social Security Benefit by Making These 2 Choices
Among our nation's social programs, arguably none stands as more important to seniors than Social Security. The guaranteed monthly income that the program provides to just over 42 million retired seniors each month is critical in helping them make ends meet during their golden years. An analysis conducted by the Center on Budget and Policy Priorities found that senior poverty rates are just 8.8% with Social Security income, compared with an estimate of 40.5% if those same monthly payments weren't there.
Furthermore, statistics from the Social Security Administration (SSA) show that 48% of married elderly beneficiaries, along with 71% of unmarried elderly beneficiaries (61% combined), are reliant on their monthly paycheck from the SSA for at least half of their income. Leaning so heavily on Social Security isn't advised, but given Americans' poor saving habits and how few are consistently investing in the greatest long-term wealth creator -- the stock market -- this figure isn't surprising.
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Source: Fool.com
