The Value of Your Social Security Benefits
Most people will invest over 40 years of their lifetime working for a living. A direct result of all this labor will be a monthly Social Security retirement benefit for millions of workers and their families. The Social Security Administration indicates you will need between 70 and 80 percent of your preretirement income in order to have a comfortable retirement. Your Social Security benefits will account for about 40% of this income. For some families, the impact is even greater. According to the Social Security Administration (SSA), 65% of beneficiaries over age 65 received at least half of their income from Social Security in 2012. The same research from SSA also indicates that only 41% of people age 65 and over receive private pensions or government employee pensions. With fewer employers offering any type of employer-sponsored pensions, Social Security benefits assume a more prominent role in people's total retirement income. It is not hard to see why people come to rely more and more upon their Social Security benefits during their retirement years. These are only a few reasons why you need to give closer consideration to the value of your Social Security benefits. A delay in evaluating your Social Security benefit options can be detrimental to one of your most important retirement incomes. Not knowing all the facts can end up costing you tens of thousands or even hundreds of thousands of dollars over the lifetime of your Social Security payments. This is where Your Social Security Strategies can help.
The Big Picture
Social Security is more than retirement benefits. There are also spousal, survivor, disability, and Medicare benefits to consider. Get the most out of the benefits you will quaify to receive.
Everyone should evaluate all their Social Security benefit options. It is of particular importance if you are a widow(er), divorced, or receive a private pension based on government employment.
Get The Facts
Misinformation is one of the biggest pitfalls to your Social Security planning. Avoid costly errors that result from basing your decisions on incorrect or incomplete information.