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

LET’S MAKE SOME MONEY – CRYPTOCURRENCY IS ACCEPTED! 

WHAT SUBJECTS DO YOU WANT TO READ MORE ABOUT? WHAT QUESTIONS CAN I ANSWER? UNTIL NEXT TIME!

YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT

St Jude Hospital:  https://www.stjude.org/

Wounded Warrior Project:  https://www.woundedwarriorproject.org

Folds of Honor:  https://foldsofhonor.org

Wilson’s No-Kill Animal Shelter:  https://wcnkas.org

TRUST ME – YOU WILL LIKE THE BELOW BLOGS! 

ACHIEVING YOUR FINANCIAL FREEDOM WITH THE 401-K & GREAT NEWS – CONTRIBUTION LIMITS INCREASE IN 2022 – WHAT ARE YOU WAITING FOR?

BUILDING FINANCIAL FREEDOM/LEGACY TEN DOLLARS AT A TIME!

SO YOU DECIDED TO GIVE 3/4 OF A $$-MILLION TO A COMPANY WORTH $$-BILLIONS?

THE ROTH IRA IS SO GOOD THE FEDS MADE A MISTAKE!

YOUR BIGGEST RISK TODAY – A LONG LIFE!

ONE OF THE WORSE MISTAKES YOU CAN MAKE WITH YOUR 401 – (K) WHEN CHANGING JOBS

wealthbuildingpowers.com/2019/09/23/one-of-the-worse-mistakes-you-can-make-with-your-401-k-when-changing-jobs/

RETIREMENT PLANS OTHER THAN THE 401-K TO GENERATE > $1 MILLION PORTFOLIO!

This Group of People Is Most Likely to Retire Broke

The Oracle of Omaha’s Investment Strategy Explained

Bill Gates Says This Is the Most Important Thing He’s Learned from Warren Buffett.  (Hint: It Has Nothing to Do with Money) Two billionaires are linked by one common denominator.

WARREN BUFFETT’S NET WORTH IS DRIVEN BY THESE IRONCLAD TEN RULES


Warren Buffett Says This 1 Simple Habit Separates Successful People From Everyone Else http://flip.it/_AzPx9

 

WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!

WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!

 

WANT TO LEARN HOW TO BECOME WEALTHY – READ “THE MILLIONAIRE NEXT DOOR”

 

 

 

  

 

COMPOUND INTEREST IS THE EASIEST WAY TO DOUBLE OR TRIPLE YOUR MONEY

COMPOUND INTEREST IS THE EASIEST WAY TO DOUBLE OR TRIPLE YOUR MONEY

 

INVESTING IN STOCKS IS COLOR BLIND – WHAT IS STOPPING YOU?

INVESTING IN STOCKS IS COLOR BLIND – WHAT IS STOPPING YOU?

FINANCIAL LITERACY IS JUST NOT THAT COMPLICATED – TRUST ME!

https://wealthbuildingpowers.com/2019/04/01/financial-literacy-is-just-not-that-complicated-trust-me/

 

 

 

To Join Wealth Building Powers BLOG:

PLEASE SIGN UP TO FOLLOW ME BY PROVIDING YOUR E-MAIL IN THE WORDPRESS BLOG PAGE SUBSCRIBE BOX!

Thank you to my followers and readers for your likes and comments.  All comments, recommendations, and feedback are welcomed and utilized to improve this blog.

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.

To follow my daily posts on Instagram, CLICK BELOW:

 http://instagram.com/wealth_building_powers

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.

You May Also Like

WHAT {DO YOU, AS A} CRITICAL THINKER, DO TO LEARN? – PART 6A – CRITICAL THINKING SERIES

THE FIVE-HOUR RULE USED BY BENJAMIN FRANKLIN, BILL GATES & ELON MUSK

YOU GET 86,400!  NO RETURNS! 

THIRTEEN SIMPLE MONEY RULES THAT PRODUCED $1 MILLION!

Leave a Reply

%d bloggers like this: