When it comes to financial planning for retirement, don’t make the mistake of thinking your monthly Social Security payments will be enough for you to continue living the lifestyle you want. Because chances are, they won’t.
Arkansas has the fifth-highest poverty rate in the nation—but if it weren’t for Social Security, the situation would be worse. Arkansas is one of the top four states with the greatest share of older Americans lifted out of poverty because of Social Security income, according to a new study from the AARP Public Policy Institute. The earned benefit keeps 43 percent of state residents age 65 and older out of poverty.
As AARP continues to fight for the Social Security benefits that millions of Americans have earned, we are constantly reminded of its importance as part of a secure retirement for older Wisconsinites. Social Security provides a stable source of retirement income and has kept many older people out of poverty.
On the eve of the 78th anniversary of the creation of Social Security, which provides an average monthly retirement benefit of $1,173 to more than one million Massachusetts residents (pdf), AARP Executive Vice President Nancy LeaMond issued the following statement:
The way some legislators talk, you get the idea that Social Security and Medicare are little more than just numbers in a budget. Yet for families all over America, Social Security and Medicare have a deeper meaning: They are the very foundation of retirement security. Social Security and Medicare enable millions of older Americans to survive financially each month, after years of working hard and paying taxes to earn these protections.
Search AARP States
Sign Up & Stay Connected