Social Security retirement benefits represent over half of the household income for a majority of retirees today. Despite the dependence most people have on this critical source of income, there are pressures threatening the future of Social Security. As of 2018, Social Security is projected have sufficient resources to pay 100% of scheduled benefits until 2034. Beyond that point in time, payroll tax revenues alone, will only be sufficient to cover only about 79% of scheduled benefits initially, and the percentage will decline to 74% by 2092 (based on the current formula).
This widely popular program faces an uncertain future. In 1950, as the baby boom was just beginning, there were 16.5 active workers for each Social Security beneficiary. Currently, there are 2.8 workers per retiree. And it’s projected that by 2035, the ratio will fall to 2.2 workers for each beneficiary. Meanwhile, the number of Americans collecting Social Security benefits is expected to grow from about 62 million today to 88 million by 2035.
It is highly likely that Social Security will undergo some major changes in the coming years, but do we know what these changes will be?
This course will walk through the knowns of Social Security Planning today, and address the critical questions around the future of Social Security when planning for your future. We will cover:
What happens when you retire? Among many things, there is one common experience: Your financial focus takes a dramatic shift.
For most Americans, this shift means that instead of striving to accumulate assets, you’ll need to figure out how to withdraw assets in an efficient way for income. What if you encounter turbulent markets soon after retirement?
The guidelines for managing money are different from what they were when you were working. This discussion will walk through the 3 core steps in developing an income strategy during retirement.
We will cover:
The choices you make when you retire will play a significant role in how you spend your retirement years. Understanding how your strategy works, can lead to a greater sense of confidence and control over your decision making as you transition into a new chapter of your financial life.
For more information call 828-227-7397 or email firstname.lastname@example.org
Joel Kelley is a Certified Financial Planner practitioner and has been a fiduciary financial advisor professionally since 2003. Mr. Kelley also has a background in teaching, and holds a Master’s degree in Education.
Jacob Sadler is a Certified Financial Planner practitioner and has been in the field of personal finance since 2011. Mr. Sadler enjoys teaching as well, and believes that education is an integral part of reaching any goal.
For more information call 828-227-7397 or email email@example.com.