SOCIAL SECURITY COVERS ABOUT 40% OF YOUR RETIREMENT NEEDS –  LET’S GET TO WORK AND CLOSE ANY GAPS!

Disclaimer: Good Day, Readers.  WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.  

 

SOCIAL SECURITY COVERS ABOUT 40% OF YOUR RETIREMENT NEEDS –  TIME TO CLOSE ANY GAPS!

Many people believe Social Security will pay enough to meet their current standard of living.  Unfortunately, that is often DEAD WRONG!

An average American can expect Social Security to replace about 40% of retirement needs.  In a recent report from the Nationwide Retirement Institute, 49% of Americans didn’t know what percentage of their income Social Security would replace in retirement.  It is essential to get a solid handle on that figure for financial planning.

Most seniors need about 80 percent of their pre-retirement income to live comfortably in retirement.  

CLOSING THAT 60 PERCENT!

First, get an estimate of your monthly social security and other retirement benefits (pensions, etc.).  

Create an account on the Social Security Administration’s website.  Your monthly Social Security benefit is calculated based on your earnings during your 35 highest-paid years in the labor force.  The estimate may be low depending on how many years you have worked.  Use this number as a starting point in determining how much additional income you want for retirement.  

Next, increase your retirement savings.  There are numerous retirement accounts available:

  • 401K-Plan
  • Individual Retirement Account {IRA}
  • ROTH Individual Retirement Account {IRA}
  • Health Savings Account
  • AND MORE OPTIONS

Below past blogs offer more information on all the above accounts.

REFERENCE SOURCE

https://www.fool.com/investing/2022/07/29/social-security-almost-half-of-americans-dont-know/?source=isafpbcs0000001&utm_source=flipboard&utm_medium=feed&utm_campaign=investment+plann

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ABOUT ME

I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC.  State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.

I left a corporate career because I desired to make a difference as a speaker and writer.  I was blessed to be coached and mentored by strong women and men in my family and professional life.  It is my time to serve and give back.

DISCLAIMER

I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons.  I am NOT a licensed financial advisor.  Please do not construe my suggestions on this blog as recommendations for your situation.  As an investor, you must establish your risk/loss tolerance.  Investment in any asset involves risk, including complete loss. 

 Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.  

I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy.  I will help you get there.

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Powers Investments Management, LLC

This blog will provide, information and simple strategies, that will assist you to achieve YOUR financial objectives and long term targets. For over 30 years, I solved multi-million dollar problems, for Fortune 10-250, companies. My formal education includes: Business, Finance and Chemical Engineering {Problem Solving} at: Harvard, Rutgers and North Carolina State. And an additional 30+ years, managing my family’s investment decisions. I currently manage/advise people with net-worths ranging from the tens of thousands to several million dollars.

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