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No One Loves Your Money Like You Do: The Ultimate Retirement Planning Guide for Business Owners and Private Practitioners by James Jackson

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11

Social Security

In 2012, the average Social Security check was $1,229 per month, which is $14,748 a year. That average is the same as working for $7.37 per hour for 2,000 hours (50 weeks times a 40-hour week). This is before the Medicare monthly premium is taken out, which reduces the amount by about $300 per month. So the average recipient is really getting roughly $929 per month.

By some estimates, one-quarter of retirees depend on Social Security for 90 percent or more of their retirement income, and more than half of retirees get 50 percent of their retirement income from the program. Considering that even high earners may get as much as 20 percent of their annual retirement income from Social Security, it is a topic that affects every ...

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