Social Security and retirement go hand-in-hand, but it may be a mistake to simply assume that your Social Security benefit is going to be enough to enable you to enjoy a comfortable retirement. You always hear retirement planning lawyers emphasize how important it is to set a course for the future and stick to it, but many people let it go in one ear and out the other. But when you analyze the facts you recognize why they give this advice.
Social Security Administration statistics indicate that 64% of the people who are receiving Social Security benefits state that Social Security is their foundational source of income. The SSA also tells us that the average monthly Social Security benefit is currently $1,072. Clearly, these two statistics paint a rather grim picture.
The fact is that retirement is not a given, and if you do not have adequate financial resources you may well find yourself working until it becomes physically impossible for you to do so. A recent AP-LifeGoesStrong.com poll conducted among baby boomers found that 67% of the poll respondents intended to continue working after they reach full retirement age as defined by the Social Security Administration.
35% of these people said they would be doing so because of financial need. One out of every four of the baby boomers polled said that they would never be able to retire. And, a similar percentage stated that they had no retirement savings at all to fall back on.
To make matters worse, we have a serious federal deficit problem and the politicians in Washington seem intent on cutting Social Security and Medicare.
If you read the handwriting on the wall, you’re going to have to plan in advance to be able to enjoy a comfortable retirement. To take the first step toward making your retirement vision a reality get in touch with an experienced retirement planning attorney to arrange for an initial consultation.
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.
- Can My Non-Citizen Spouse Inherit from My Estate? - June 22, 2021
- Charitable Gifting Options - June 17, 2021
- What Is a Spendthrift Trust? - June 15, 2021
