Since President Franklin Roosevelt signed the Social Security Act in 1935, Americans have depended on Social Security to help fund their retirement and ensure their golden years are not spent in poverty and want.
Over the years, the rising cost of living and other factors have made it apparent that we cannot depend only upon Social Security for retirement. According to the Social Security Administration, the maximum 2016 benefit at full retirement age — which varies depending on the year you were born — would be $2,639, even less if you take benefits at age 62. That’s the maximum. Many people’s benefits are well below that amount.
The best way to ensure a stable retirement is to supplement your Social Security by saving part of your earnings throughout your working career.... [ MORE ]