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Washington, DC 20002
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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!