How Social Security Impacts Retirement For Minnesotans

Let’s face it; we’re all getting older. If you have taken any time to look at what could be ahead, you might be like me and feel a bit of uncertainty and uneasiness when it comes to answer questions like “will I always have to work in some capacity to get by?”

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When you realize that there are likely more days behind you than ahead, you start to look at options to try to ensure that “your tomorrows” won’t be bogged down with having to do without essential things because you don’t have the money.

This isn’t meant to be political as much as it is stating facts, and the facts are in Minnesota over one million people depend on their social security checks each month.

Social Security and Minnesotans

That data comes from AARP Minnesota who yesterday published that figure coming off a new study that says more than two thirds of Americans depend on their social security checks each month to survive and stay out of poverty.

63% of retired Americans say they couldn’t have the quality of life they have right now without social security. That number is up from 58% in 2015.

In Minnesota, over 1.1 million residents are dependent on their monthly allotment of the money they have already earned. 43% of Minnesotans who collect social security say that money is at least 50% of their monthly income. For some 19% of Minnesotans, social security makes up 90% of their income.

The national survey says that 89% of retired Americans are able to maintain a level of independence because of their social security money.

The average social security payment is around $2,000, and many people feel that figure is way too low.

This year is the 90th anniversary of social security.