Many of us look forward to retirement so we can take advantage of a portion of the Social Security taxes we’ve paid into the system during our working years, along with enjoying the fruits of our labor through other retirement income products such as IRAs and employer retirement accounts.
Although Social Security is thought of primarily as a benefit during retirement, it was never meant to be your only retirement income. According to the Social Security Administration, Social Security replaces approximately 40 percent of an average wage earner’s income after retiring. And, according to most financial experts, retirees will need 70-80 percent or more of their own earnings to live comfortably in retirement.
The good news is you’ll never outlive your Social Security benefit and your income payments cannot be reduced. In fact, your Social Security benefits are periodically adjusted to help keep up with cost-of-living increases.
If you’re like most clients, you have questions regarding at what age you should begin accepting Social Security benefits. When to begin drawing benefits is an individual choice, and it’s important you make the right choice for your situation.
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Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 19965 - 2020/4/1
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