Contact FreedomWorks

111 K Street NE
Suite 600
Washington, DC 20002

  • Toll Free 1.888.564.6273
  • Local 202.783.3870
WATCH NOW Election Results, Georgia's Senate Runoffs, & Remembering Connery and Trebek | Pardon The Disruption Watch Here

video

A FALSE Sense of Social Security | Retirement Readiness: Myth vs. Fact #05

Myth: The government protects me with Social Security benefits during retirement years.

Fact: Yes, but the reality of Social Security is that payouts are minimal and eventually will be nonexistent for many people. The average Social Security benefit in January 2020 was $1,503 per month. The maximum Social Security benefit for someone who retires in 2020 at full retirement age is $3,011. So, personal savings are critical to maintain living standards and address unexpected costs. It is estimated that unreimbursed health costs over retirement years can total over $200,000. This does not include assisted living or nursing home expenses, which are not covered by Medicare!