This Is Americans' No. 1 Retirement Fear Right Now
In retirement, there's lots to worry about: rising healthcare costs, actual medical problems, boredom, and running out of personal savings. But according to the January 2021 SimplyWise Retirement Confidence Index, Americans' No. 1 retirement fear is that Social Security will dry up in their lifetime. The question is: Are they blowing things out of proportion, or might Social Security really go bankrupt?
These days, Social Security pays the average recipient $1,543 a month, and while that's not a ton of money, it's also a large sum of cash to go without. So with that in mind, let's dig into the good news: Social Security is not in danger of disappearing completely. The program gets the bulk of its revenue from payroll taxes, so as long as we still have a workforce, Social Security can keep collecting money and keep paying benefits.
Image source: Getty Images.
Source Fool.com
