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DISCLAIMER - THIS WEBSITE IS NOT ENDORSED BY OR AFFILIATED WITH THE U.S. SOCIAL SECURITY ADMINISTRATION , OR ANY GOVERNMENTAL ENTITY.
 Carol Thomas has recently retired from the Social Security Administration after 28 years service. If you have any questions about Social Security, please ask. We will use the questions you send for future posts. I will never post anyone's name, or other identifiable information.
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| FAQ(s) found under Social Security Basics |
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| How does Social Security fit into my retirement plan? |
Date Add : 12-10-2008
| Views : 609
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If you're 55 or older now, you'll probably get the full benefit you're supposed to. Most of the recent discussions about reforming Social Security don't propose to change the benefits of current retirees or near-retirees. If you're younger, you could face a 22% reduction in your payouts after 2041, with the likelihood of further reductions each year thereafter.
It's likely that political leaders will try to make changes in the system to improve its long-term financial health, but such changes are impossible to predict. And even in the best possible scenario, Social Security almost certainly won't pay you enough to live on in retirement.
So if you're under 55 and want to be conservative, don't factor in Social Security when making your calculations about how much to save and invest for retirement. Set aside as much of your own money as you can in retirement savings accounts and invest it wisely. Bottom line: Your financial security in retirement is your own responsibility.
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DISCLAIMER -
You should consult with your local Social Security Office before acting upon any information received as a response to your question on "Social Security Advisor".
"Social Security Advisor" is intended to provide accurate and authoritative information with regard to the subject matter covered. It is offered with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, investment or other professional advice or services.
Information obtained from RetirementCommunity.com, including e-mail responses from "Social Security Advisor" should be considered as general educational information. You must never rely upon the advice given here. Your individual situation may not fit the generalizations discussed. Only your local Social Security office can evaluate your individual situation and give you advice.
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