The baby boomer generation is reaching the typical age of retirement, and surveys are showing that many of these individuals are not prepared.
Many people don’t take retirement planning seriously enough because they have a certain misguided notion in the back of their minds. They feel as though Social Security will be there for them once they become eligible for the program.
Yes, it would be nice to have something extra they reason, but Social Security will be more than enough to live on comfortably.
In fact, Social Security is really not going to provide most people with adequate income.
According to an article that is appearing on the Forbes website the average monthly benefit in 2013 for a single individual who is receiving a Social Security benefit is $1261. A couple earning the average amount would rake in all of $2,048 each month.
Even if you are getting more than the average Social Security is going to provide a modest stream of income. In 2013 the maximum amount that a single individual who has reached the age of full benefit eligibility may receive is $2533.
Someone who qualified for this amount would have paid the highest amount possible into the program for 35 consecutive years.
When you look at these figures you can see that you are going to have to accumulate some personal savings to supplement your Social Security benefit if you want to really enjoy your retirement. This takes careful planning.
If you are ready to get started, contact our firm at (860) 548-1000 to arrange for free retirement planning consultation.