Social Security

According to the Social Security Administration, about 40% of the average retiree’s income in the United States comes from Social Security payments. With pensions becoming obsolete, to reach any sort of a comfortable retirement income -- which most financial planners estimate to be at least 70 to 80% of your pre-retirement income, most retiree’s will have to supplement their retirement with their own employee sponsored plans or retirement savings. In 2008, only 34% (1/3rd) of retirees age 65 and older were able to depend on Social Security for 90% or more of their retirement income.

Your Social Security benefits will depend on how much you earn during your lifetime. The Social Security Administration bases your monthly benefit amount on the average pay you made in your top 35 working years. Married people qualify for 50% of their spouse’s benefit if their own incomes were much lower, or for a benefit based on their own income. The same holds true for divorced spouses, as long as the marriage lasted 10 years or more. Widows and widowers can also qualify.

Anyone who is eligible can start taking benefits at age 62, but the benefit amount is reduced until you reach full retirement age, which depends on your birth year. You can also get the highest benefit possible if you wait until age 70.

Please contact us so we can help make the most of your retirement savings and income.

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Securities and advisory services offered through SII Investments, Inc.
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