Retirement Planning




The Motley Fool article linked below states that over 25% of Social Security recipients thought they would receive more from Social Security (SS) than they are getting and on average non-recipients over-estimated their future Social Security payments by as much as 30%.

Do you have any idea how much you will be getting from Social Security (If it is still viable) when you retire? You can easily get an estimate of your future Social Security payout from the website: https://www.ssa.gov/benefits/retirement/estimator.html .

You can see the difference in payouts based on when you retire. Taking retirement benefits prior to full retirement age (age 66 for those born from 1943-1954, age 66 plus some months for those born from 1954-1959, age 67 for those born in 1960 or later) lessens the amount you receive each month. Waiting longer to take SS benefits, increases the monthly amount up to age 70. Retiring prior to full retirement age also places restrictions on how much you can earn without penalizing your SS benefits. The graph below shows how waiting to take SS increases the monthly payment.





Graph found at: https://www.fool.com/retirement/2018/10/28/americans-average-social-security-in-2019-how-do-y.aspx

While it is important to understand what one might receive from SS, it is more important to be investing in retirement accounts as soon as possible. If you would like to talk to someone about saving and investing for retirement, call me at 260-413-9589 or email me at BBurtonFC@gmail.com

https://www.fool.com/retirement/2018/10/28/americans-average-social-security-in-2019-how-do-y.aspx

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