With more than 95% of American workers currently covered by Social Security, there are some things about this massive retirement program that you should probably know. If you’re still in your forties or fifties, you can probably wait a few years to learn the intricacies of Social Security, but if you’ve recently entered your 6th decade on this planet, here are a few things you should be aware of:
Time certainly goes by fast. One day you’re interviewing for your first job and the next thing you know you’re a few short years from applying for Social Security.
If you’ve planned for your retirement, you’ll likely have a good stash of funds saved. But the unfortunate news is that according to the Insured Retirement Institute, 42 percent of baby boomers have nothing saved for retirement, and even those that have saved don’t have nearly enough to survive on.