We are all aware of the fact that the economy hasn’t been at its best over the last several years. A lot of Americans are finding it challenging to simply make ends meet in the present.
As understandable as this may be you don’t want to be in denial about the future. Just about everyone would like to retire someday. And, even if you truly enjoy working and are capable of doing what you do as a senior citizen you probably want to work on your own terms.
Most of us pay into the Social Security program, and there are those who don’t take retirement planning seriously because they expect to receive a monthly Social Security benefit.
Forbes magazine published some interesting statistics recently that individuals who adopt the above perspective would do well to digest. The average monthly Social Security benefit paid out in 2013 to single individuals is $1,261. Married couples pull in an average benefit of $2,048 this year.
The maximum a single person can receive in 2013 is a relatively modest $2,533.
To give you an idea of just how many people do adopt the stance that Social Security will be enough, according to the Social Security Administration 46% of single people who are enrolled in the program count on their benefit for at least 90% of their income. This is true for 23% of married couples.
Most couples would not want to be trying to live on $500 a week during the latter portion of their lives with no other source of income and no significant savings to fall back on.
To avoid this unpleasant scenario you must be proactive about developing a financial plan with the assistance of a good retirement planning attorney. If you stick to the plan throughout your working years you should be able to enter retirement with some degree of financial security.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.