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:
Keys to Optimizing Social Security Benefits:
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. 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 SafeMoneyPlaces.com
Will social security provide enough retirement income?
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Grisel Saez, FRC
Harmoney Financial Literacy
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