Social Security retirement benefits play a significant role in the retirement plans of Baby Boomers, so we need to take a close look them.
You've probably heard the quote from Ben Franklin that the only thing guaranteed in life is death and taxes. We'll, that all changed in 1935 with the passage of the "Old-Age, Survivors and Disability Act" commonly referred to as the "Social Security' program. Ever since then we've been told we could add Social Security retirement to Ben's list. However, "it ain't your grandmothers program", anymore Boomer! When our grandparents received their monthly checks they equaled about 90+% of the cost of living for them. We're told to expect the average Boomer to receive only about 43% of our expenses each month. Yet, if you earn $64,000 per year, then Social Security will only account for about 24% of your monthly expenses and only 8% if you earn $200,000 per year. (These percentages are based on retaining the lifestyle you had with your pre-retirement income.)
Your Benefits Estimates
You can find out how much your monthly benefit is expected to be by checking either your Annual Benefits Statement from the Social Security Administration or by going onto their website and using their calculator to run the numbers yourself.
The Great Social Security Debate
You know, when you think about it, Social Security
retirement has probably had more Congressional, public and private
debates about it than any other Federal
program in the last 70 years. Yet, the debate goes on and on and on.
And the list could go on ForrrrrEvvvvver.
The problem is many Boomers are very dependent on it "being there" when they retire. So, the pressing question is "Will it be there for us as well as for our children and grandchildren who will be paying into it for us? We're going to look into that in our Social Security Issues section.
Where to go now?
Go to Social Security Issues
Return to Retirement Planning
Return from Social Security Retirement to Home
All of the contents of this website is for informational purposes only. Should you chose to act on any information contained on this website or websites we link to without first consulting the appropriate counsel whether financial, legal, medical or otherwise; you will be acting on your own. Neither IT-BGC Information Services LLC nor any of it's members can be held responsible for any such action(s) on your part.
The Baby Boomer Times
Our Free Newsletter