Social Security benefits are part of the equation for a majority of people who are planning for retirement, and right now we are going through a historic period when it comes to Social Security. The baby boomer generation is reaching retirement age, and that means there are a lot of people applying for Social Security for the first time. But when you hear just how many “a lot” is, the number is rather jaw-dropping. Right now there are some 10,000 people applying for Social Security every day, and if that doesn’t get your attention this will: We will be seeing 10,000 new applicants for Social Security every day for the next 20 years.
Now it may well be that you are not relying on Social Security as your primary source of income after you retire, but if you are in this position you are in the minority. According to the Social Security Administration 64% of people who are receiving Social Security say that it is indeed their primary source of income.
Social Security benefits comprise at least 90% of the income of one third of the recipients. The average annual benefit for someone receiving Social Security is $1072. When you look at this figure you can see why careful retirement planning is so very important if you want to be financially prepared to enjoy the latter stages of your life.
With so many people becoming eligible for Social Security all at once there are a lot of questions out there, but fortunately we live in the information age so the answers are readily available. If you’re planning for retirement you would do well to visit the Social Security Administration website and take advantage of the various tools that they have made available. In fact, you can even apply for Social Security benefits online. To tap into this comprehensive resource, simply visit the Social Security Administration’s Benefits Planner page.
- Securing a Strong Retirement Act Has Been Approved By House - June 23, 2022
- Life Insurance Can Be Part of a Creative Estate Plan - June 7, 2022
- Why Would I Use an Irrevocable Trust? - May 19, 2022