Alright. Planning is the key to creating your best retirement. You'll need to plan and save for years to achieve your retirement goals.
Are you aware of the many factors that affect retirement planning?
Yes, I suppose so.
Then you should know that we want you to understand what Social Security can mean to you and your family's financial future.
Sounds good. Now, how do the retirement benefits work exactly?
Social Security replaces a percentage of a worker s pre-retirement income based on their lifetime earnings. The portion of your pre-retirement wages that Social Security replaces is based on your highest 35 years of earnings and varies depending on how much you earn and when you choose to start benefits.
Is there more than social security I should consider in my plan?
Remember, on average, retirement beneficiaries receive 40% of their pre-retirement income from Social Security.
What does this mean when creating my retirement plan?
Knowing the approximate amount you will receive in Social Security benefits can help you determine how much other retirement income you'll need to reach your goals.
What about my taxes? Are they put on a savings account to ensure the safety of my retirement benefits?