With pensions disappearing and markets sometimes unpredictable, Social Security is becoming more critical than ever in creating a lifetime income stream in retirement.
Studies show that for about 40% of our population, Social Security represents about 90% of the income they are receiving in retirement. So for about 120 million people, 90% of their income at retirement is being derived from Social Security. Additionally, for those that are considered to be high income earners, married couples making over $500,000 a year, or single filers making over $250,000 a year, 33% of their discretionary income at retirement is being derived from Social Security.
So no matter where you lie on the income earning stratosphere, Social Security will account for a significant amount of your discretionary income at retirement. The difficulty for many is that there are literally hundreds of options for when and how you elect Social Security benefits. To make matters worse, the vast majority of retirees are not aware that the difference between a good Social Security election decision, and a poor one, is regularly more than $100,000 in income over your lifetime.
If you’ve worked hard for 30 or more years paying into the system, and now that it is time to collect your benefits, you make the wrong election and end up leaving over $100,000 in income on the Social Security table, that’s not a very wise choice. And, since you are now aware of this, you can’t claim ignorance as the reason.
Go ahead and gives us a call at 470-253-9711 ext 101 to schedule your no obligation, Social Security Consultation and we’ll give you an idea of exactly how much is at stake between the right and wrong election decision for your family.
Once, you know what’s at stake, you can then decide if you want us to incorporate a full blown social security analysis as part of your overall financial plan. Call us today at 470-253-9711 ext 101 and we’ll help you keep what’s rightfully yours in Social Security benefits.