With all the buzz of the respective political conventions, many consumers are left scratching their heads wondering what’s happening with Social Security. Most importantly, will it be there when you need it?
Unfortunately, we don’t have a crystal ball that accurately predicts the future, so all we can do is learn where the program is now and hope for the best in the future.
For most Americans, Social Security is an integral part of their retirement plan. Sadly, for just as many, it is their only retirement plan.
Let’s review. Depending upon when you plan to retire, there are some important options to consider:
- At this time, approximately 75% of retirees receive reduced benefits1.
- A majority of workers don’t recall getting a Social Security statement detailing their benefits1.
- Only one-third of potential retirees have reviewed their benefits with a financial planner to determine where they will need to supplement their retirement income1.
Considering the fact that many Americans will rely on their Social Security, these are sobering statistics indeed!
The income you receive from Social Security varies depending upon the age you retire and your marital status. It’s a good idea for spouses to coordinate their retirement strategies to ensure they enjoy a good quality of life post-retirement.
The Investment and Retirement Center located at First Financial Federal Credit Union can work with you to help you better understand what your options are and how to prepare to get the most out of your retirement years. Remember, knowledge is power!
For additional information about your Social Security and retirement, please visit the Investment and Retirement Center at First Financial or call to set up a no-cost consultation at 866.750.0100. You can also visit our website for more information.
Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 800-369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. FR091225-2315
Article Source: http://www.socialsecurity.gov/