How Much of My Income Will Social Security Replace?

How Much of My Income Will Social Security Replace?

Submitted by Mike Kelley on

How much of my income will Social Security replace? A common question that occurs all too often in the financial industry. Unfortunately, not as much as it once did. People are living longer, laws are changing, and employers aren’t helping as much with retirement benefits. What does this mean for you? Without a solid nest egg to help glide you and your spouse into the golden years, many people are falling short financially. Becoming dependent on relatives for care or being forced back into work is not something any of us want to deal with.

According to Social Security experts Larry Kotlikoff and Phil Moeller, “more than half of everyone collecting social security, depends on Social Security for more than 90% of their total retirement income.” That’s huge! Year after year Social Security is filling the income gap less and less for people who need it the most. Bottom line, people need to work longer, save earlier, max out their current yearly benefits and delay claiming their SS as long as possible.

The only way to have a long happy retirement is to plan. Combined Benefits United and our hardworking advisors are here to help YOU make sure you are making the right financial decisions today, so that you can have a worry free tomorrow.

Works Cited:
"Five Age-Defying Foods for the 50+ Crowd: Five Age-Defying Foods for the 50+ Crowd." Joy Bauer. N.p., n.d. Web. 18 Aug. 2016.

"How Much of My Income Will Social Security Replace?" Time, 9 Aug. 2016. Web. 18 Aug. 2016.