While it is best to view Social Security as a form of supplemental income rather than a foundation if it is at all possible, this is the ideal rather than the overarching reality. In fact, the Social Security Administration tells us that Social Security is the primary source of income for most people who reach the age of eligibility.
Regardless of your anticipated level of reliance on Social Security you are going to want to know how much you can expect to receive when you qualify for your benefit. Up until last year the Social Security Administration would send out an annual statement to everyone who is 25 years of age and over letting people know where they stand.
Because of the fact that cost-cutting has been such a priority of late this practice was discontinued. Now only people who are 60 years of age and up receive these annual paper statements in the mail.
However, this information is now available to you through a very convenient channel. You can actually download your Social Security statement after creating a “my Social Security” account on the Social Security Administration website.
Here is a link: Social Security statement page.
Information and expertise are invaluable when you are making preparations for the future. With this in mind, the intelligent first step is to sit down and discuss your specific situation with a seasoned and savvy Indianapolis retirement planning attorney. Your lawyer will evaluate your case, answer your questions, and help you craft a plan that is ideally suited to fit your needs.
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.