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Will My Social Security Benefit Be Enough to Retire?
Wondering if your Social Security benefits will be enough to fund your retirement? Learn how to determine your Social Security benefits and whether they'll be sufficient for retirement. Clarke explains the factors that affect your benefits, including your earnings history and the age you claim. Discover what percent of your pre-retirement income Social Security will replace, and learn about the other components of the "3-legged stool" of retirement income.
For personalized advice on retirement strategies, visit our Website below, and click the Let’s Talk button!
🔗 Website: https://elevate-wealth.com
🔗 Facebook: / elevatewealthadvisory
🔗 Instagram: / elevatewealthadvisory
Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!
#AdviceInAction #ElevateWealth #WealthWise #FinancialFitness #FinancialReview #StockMarket #taxes #TaxCuts #TaxCutsAndJobsAct #InvestmentPhilosophy #RetirementPlanning #ElevateWealthAdvisory #FinancialMarkets #stocks #retirement #StockReturns #InvestmentStrategies #FinancialPlanning #WealthBuilding #wealthadviceforyourbestlife #election #politics #financialmarkets #financialplanning #socialsecurity
Ever wonder when you can start receiving your Social Security benefits and if they'll be enough for retirement? Hey, I'm Deanne Rosso with Elevate Wealth, and today I'm joined by my co-worker Clarke Holt. Hey, Clarke! Hi. And we're going to try to answer this question for you. So, Clarke, how do people determine when they can begin receiving their benefits? The amount you receive depends on your lifetime earnings history, and also when you claim. So the benefits calculated or what's calculated is your primary Insurance amount, or called PIA, and it's based on your 35 highest working earning years. So the maximum benefit you can receive, for example, in 2023, if you're at full retirement age, is $3,627. Okay so the biggest question I think in most people's minds is: will that be enough for me to retire on? Actually, for most people, it won't be sufficient. The benefit alone won't be sufficient to to really replicate their pre-retirement standard of living. And it was created to really replace, on average, about 40% of your pre-retirement income. Now at Elevate, we talk about the three-legged stool of retirement, so obviously this benefit is one of those legs, but there are other sources that we want to lean on, and that's 401ks, IRAs, pensions, taxable accounts, things like that, so that you have this well-rounded, balanced income source. Yeah, so relying on all three of those sources, that three-legged stool with Social Security being one of those legs, is important. Exactly. Yep. Well, thanks, Clarke, as always, you've been a wealth of knowledge and information, and if you need assistance figuring out your Social Security strategy, feel free to visit us at elevate-wealth.com and click "Let's talk." See you next time.
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By Elevate Wealth AdvisoryWondering if your Social Security benefits will be enough to fund your retirement? Learn how to determine your Social Security benefits and whether they'll be sufficient for retirement. Clarke explains the factors that affect your benefits, including your earnings history and the age you claim. Discover what percent of your pre-retirement income Social Security will replace, and learn about the other components of the "3-legged stool" of retirement income.
For personalized advice on retirement strategies, visit our Website below, and click the Let’s Talk button!
🔗 Website: https://elevate-wealth.com
🔗 Facebook: / elevatewealthadvisory
🔗 Instagram: / elevatewealthadvisory
Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!
#AdviceInAction #ElevateWealth #WealthWise #FinancialFitness #FinancialReview #StockMarket #taxes #TaxCuts #TaxCutsAndJobsAct #InvestmentPhilosophy #RetirementPlanning #ElevateWealthAdvisory #FinancialMarkets #stocks #retirement #StockReturns #InvestmentStrategies #FinancialPlanning #WealthBuilding #wealthadviceforyourbestlife #election #politics #financialmarkets #financialplanning #socialsecurity
Ever wonder when you can start receiving your Social Security benefits and if they'll be enough for retirement? Hey, I'm Deanne Rosso with Elevate Wealth, and today I'm joined by my co-worker Clarke Holt. Hey, Clarke! Hi. And we're going to try to answer this question for you. So, Clarke, how do people determine when they can begin receiving their benefits? The amount you receive depends on your lifetime earnings history, and also when you claim. So the benefits calculated or what's calculated is your primary Insurance amount, or called PIA, and it's based on your 35 highest working earning years. So the maximum benefit you can receive, for example, in 2023, if you're at full retirement age, is $3,627. Okay so the biggest question I think in most people's minds is: will that be enough for me to retire on? Actually, for most people, it won't be sufficient. The benefit alone won't be sufficient to to really replicate their pre-retirement standard of living. And it was created to really replace, on average, about 40% of your pre-retirement income. Now at Elevate, we talk about the three-legged stool of retirement, so obviously this benefit is one of those legs, but there are other sources that we want to lean on, and that's 401ks, IRAs, pensions, taxable accounts, things like that, so that you have this well-rounded, balanced income source. Yeah, so relying on all three of those sources, that three-legged stool with Social Security being one of those legs, is important. Exactly. Yep. Well, thanks, Clarke, as always, you've been a wealth of knowledge and information, and if you need assistance figuring out your Social Security strategy, feel free to visit us at elevate-wealth.com and click "Let's talk." See you next time.