How Will Social Security Impact Your Retirement?
Having a solid base of understanding on Social Security strategy is vital for retirement success. If done correctly, you can better maximize your overall retirement income plan. Understanding Social Security is one step to you avoid any costly mistakes as you plan for retirement.
Once you’re no longer working, your working income streams stop but your need for income does not. Identifying other guaranteed sources of income that you can use to replace your old salary is a challenge that many retirees face. Many retirees have some type of assets they can rely upon, like money in a savings or retirement account, or other investments like stocks, but this is often not enough to provide a steady income stream. In other words, a shortfall often remains between the amounts you have and the amount you will need during retirement. This “income gap,” as it’s referred to, needs to be bridged somehow to have a long and happy retirement, and Social Security can be a useful tool in filling a portion of that gap.
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