Social Security Overview
The most common question we hear about Social Security is, “I know I can’t outlive my Social Security benefit, but will Social Security provide me with enough income when I stop working?”
Here’s a fact that may surprise (and possibly scare) you: Social Security may replace up to 57% of lower income workers’ income; however, it may replace only 27% for higher income workers – less than one-third of their income! Ouch!
Assuming you’ve paid into the Social Security program throughout your working life, here are some more helpful facts:
Social Security has another important abbreviation FRA – that stands for Full Retirement Age.
If you were born, for example, between 1943 and 1954, your FRA is 66 years and 0 months (see the chart to the right for other birth years). So, if you “retire” sooner than your FRA and start drawing your Social Security benefits, you will receive LESS money than if you had waited until you reached your FRA. Conversely, if you “retire” later than your FRA, you will receive MORE money.
For more information, click here to read "Why is Social Security Planning Very Important?" on SafeMoneyNews.com
Will social security provide enough retirement income?
Compare Financial Ideas
P.O. Box 21427
Chattanooga, TN 37424
Need Help Making a Financial Decision?
Compare Financial Ideas does not warrant anything on this website, although we hope everything is accurate. We do not provide legal, investment, or tax advice. We are not responsible for any independent decisions made from information found on this website or links provided to external websites. You need to conduct your own research and consult with Compare Financial Ideas or your own financial professional about your personal situation before making any financial decisions.
INFORMATION CONCERNING COPYRIGHT INFRINGEMENT CLAIMS:
Compare Financial Ideas provides links from its website to various third party sites which may enable you to obtain locations and information outside of our control. We neither control nor endorse such other websites, nor have we reviewed or approved any content appearing on them. We do not assume any responsibility or liability for any materials available at these websites, or for the completeness, availability, accuracy, legality or decency of these sites.
© COPYRIGHT SMP INTERNATIONAL LLC 2018. ALL RIGHTS RESERVED.