Recent survey highlights misconceptions
Today, 88% of Americans age 65 and above receive Social Security benefits and this income keeps approximately one-third out of poverty. More than one third of the future Social Security beneficiaries (ages 45-64) questioned in a recent AARP® / Financial Planning Association® (FPA®) survey* expect their benefit to make up more than half of their retirement income. And, that same survey showed that the many rules and intricacies of this program may not be well understood, and these misconceptions could have a significant dollars and cents impact for those same respondents.
Social Security may play a major role during your retirement years. How does your knowledge rank? The answer may surprise you. Ultimately, understanding the role of your Social Security benefit in your retirement income strategy can help you to prepare for what lies ahead. But thankfully, there are steps you can take now to educate yourself about your Social Security benefit choices which lie ahead as well as the impact of those decisions on your loved ones.
It is important for you to work with the Social Security Administration for a full discussion of your available benefits and options. Work with your financial advisor to position your investments to help provide for your income needs throughout retirement.