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
DOWNLOAD OUR SOCIAL SECURITY CONSUMER GUIDE
Learn More About:
David McKay, CMP™
Certified Medicaid Planner™ (CMP™)
McKay Financial Group
336 Wild Heron RD.
Savannah, GA 31419
Local: (912) 692-0200
Toll Free: 888-504-7771
McKay Financial Group does not warrant anything on this website, although we hope everything is accurate. We do not provide tax, legal, accounting, or investment 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 McKay Financial Group or your own financial professional about your personal situation before making any financial decisions.
INFORMATION CONCERNING COPYRIGHT INFRINGEMENT CLAIMS:
McKay Financial Group 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.
© 2018 McKay Financial Group