Many Americans realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether. With all the information available about retirement, it is sometimes difficult to decipher what is appropriate for your specific situation.
Today we’ll address Social Security:
Many retirees believe that they can rely on their future Social Security benefits. However, this may not be true for you. The Social Security system is under increasing strain as more baby boomers are retiring and fewer workers are available to pay their benefits. And the reality is that Social Security currently provides only 42% of the total income of Americans aged 65 and older with at least $57,957 in annual household income.1 That leaves 58% to be covered in other ways.
Look for our Wrap Up post tomorrow.
More information on Social Security
San Diego Wealth Management is a boutique wealth management firm dedicated to helping our clients preserve and grow their wealth. We offer a variety of financial services but specialize in wealth management, asset management, wealth transfer strategies, income strategies and providing financial planning services. Please contact us with any questions that you may have.
The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2014 Emerald Connect, LLC