41 States That Don't Tax Social Security Benefits
Social Security is a vital financial safety net for over 66 million people across the United States. In April, the average Social Security check among 52.6 million retired workers was $1,999.97, an annualized sum of about $24,000 for the average beneficiary.Just how important is Social Security to Americans? The typical U.S. household only has $185,000 to $200,000 in retirement savings by the time they approach 62, the earliest you can begin claiming Social Security.Based on the popular 4% rule, that typical household would only be able to withdraw about $8,000 annually. In other words, many retirees depend on Social Security as a major source of income.Continue reading
Social Security is a vital financial safety net for over 66 million people across the United States. In April, the average Social Security check among 52.6 million retired workers was $1,999.97, an annualized sum of about $24,000 for the average beneficiary.
Just how important is Social Security to Americans? The typical U.S. household only has $185,000 to $200,000 in retirement savings by the time they approach 62, the earliest you can begin claiming Social Security.
Based on the popular 4% rule, that typical household would only be able to withdraw about $8,000 annually. In other words, many retirees depend on Social Security as a major source of income.
