Could you live off Social Security alone?

Social Security

When it comes to retirement, there’s one question that is sure to get a lot of people to save: Could you survive if you only received Social Security?

But the fact is millions live off their monthly Social Security benefit check. How do they do it? Barbara Woodruff, 65, of St. Louis told Grandparents.com how she manages.

Her check: $633 a month. This is much less than the national average. As of June, the average Social Security benefit was $1,254.78 per month.

Woodruff is collecting less than many folks because health problems reduced her working years, she told Grandparents.com’s Daisy Chan. As Chan points out, Social Security benefits are based on your earnings during your working years.

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Arnaldo Rodgers Posted by on 8:31 am, With 0 Reads, Filed under Of Interest, Personal Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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