Today, Social Security benefits represent on average a third of retirees’ income. Nearly 90% of Americans 65 and older receive some type of Social Security benefits. About half of married couples and 71% of unmarried people on Social Security rely on the benefits for at least 50% of their incomes. Nearly a quarter of married couples and about 43% of unmarried people rely on Social Security for at least 90% of their income.
In total, over 67 million Americans receive some form of Social Security. It is important to learn about your potential benefits and the possibility of taxation as you plan for retirement, regardless of your current age. Retirement planning is a process, and Social Security is only one part of it.
We've put together a whitepaper, "4 Critical Social Security Facts," to help you understand the set-up of Social Security and the important changes made in 2018. These changes include slight SS payment increases made by the Social Security Administration (SSA) in attempts to match benefits to inflation, a rise in the maximum taxable earnings limit, a rise in the full retirement age, and the expected increase of earning limits.
If you have questions about what you read, we encourage you to reach out to help@westonbanks.com and one of our team members will get in touch with you.