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Beware banking too heavily on Social Security in retirement

Social Security was never designed to be one’s sole source of income in retirement.  Currently, benefits replace only about 40% of pre-retirement income.  Where will the difference come from?  In this article Maurie Backman stresses the importance of 401k plans and IRAs to strengthen one’s financial position in retirement.  He also notes that Social Security will be unable to pay full, promised benefits starting in 2034 unless Congress makes changes to shore up its finances before then.  Read the full piece here.

The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.

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