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Concerns over the size of the U.S. debt and budget deficit, along with growing numbers of baby boomers retiring, are causing many people to ask whether Social Security will still be around when they need it.
And while there may be changes made to ensure its long-term viability – like potential changes to the benefit age or the payroll tax – we believe Social Security will likely remain an important part of a retirement income strategy. With that said, focus on what you can control when it comes to your future income.
Social Security isn't the silver bullet for retirement – the Social Security Administration estimates it will provide only about 40% of pre-retirement income on average for those retiring now.
This means you'll be responsible for much of your retirement income, and your investments will play a major role.
As an example, here's what the average 65-year-old American's retirement income looks like today:
While you can’t control what, if anything, will change with Social Security, you are in control of some key aspects of your retirement strategy.
Then talk to your financial advisor about steps you can take now to control what your income looks like in the future.