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Social Security Question:
How does Social Security fit into my retirement plan?
Social Security Answer:
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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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.
|In the news:
Read Carols comments in this BankRate.com Social Security article
Thank you so much. The amount of infomation you provided on our call went a long way in helping to resolve the issues I had with the social security rep I was working with.
Tom F. 03-22-2017
Thank you so much. You provide a fantastic service and I really appreciate all your help. The next time I have a question regarding Social Security I will go to you first and save myself a lot of time.
Carol J. 03-10-2017
Thanks for the straight forward answers. It would have save a lot of time if I knew about this site months ago.
Emily D. 02-27-2017
Great talking with you and thanks for the help. Things now seem to be going in the right direction.
Chris H. 02-27-2017
Hello, thank you so much for responding to my inquiry, I really did not expect to get an answer from you so quickly. Brought the information you sent to my social security office an the issue, i have been dealing with for months, was resolved in an hour.
Veda M. 02-07-2017
Thank you so much for the reply.
Tom C. 01-08-2017
Thank you so much for returning my email so quickly.
Laverne J. 12-29-2016