We’ll Help You Protect Yourself and Plan Ahead
If you’re a future retiree, don’t let yourself assume retirement on social security is your ticket to carefree living.
What Does Your Retirement Look Like?
As retirement grows closer and closer, many seniors envision a rosy picture of what their new, work-free lives will be like. Most see it as their parents experienced it– a chance for complete relaxation, all cushioned by a hefty retirement package and shored up by social security benefits that allowed them to live comfortably and concern themselves only with their hobbies and leisurely goals. And we agree. One of the most significant benefits of social security should be your freedom and peace of mind.
It’s Not a Pretty Picture
However, this is far from what retirement is actually like—especially if you don’t take the steps you need to protect yourself. Social Security retirement benefits don’t stretch very far, and if this is your only source of income, you will wind up in dire economic straits.
Some Shocking Statistics
Did you know up to a third of seniors who receive social security benefits failed to save any money during their working years, so it’s all they have to live on? Living on a fixed income with unexpected rising costs would make anyone uncomfortable! Here are some other numbers that make dependence on social security downright scary:
- According to the trustees of the SSA 2015 annual report, if social security benefits remain unchanged, the entire program could be insolvent by the year 2034.
- Brenton Smith of Fix Social Security Now says, “The government has borrowed roughly 2.8 trillion from the Social Security trust funds.” Many of these “loans” have been spent on unrelated programs that were never designated to provide a consistent stream of income to our aging population.
- A November 2015 SSA report shows over 33% of social security recipients are below the age of 65. Some of this is due to the growing trend of disability claims, which have risen 58% since 2001. This is true despite the fact that manufacturing jobs have long since declined. Unfortunately, so many young people file for social security disability instead of building a career and working hard.
- According to a Social Security internal audit, the agency has paid out $2 billion in fraudulent disability claims over the past 7 years.
- Research conducted by the Social Security Administration (SSA) shows 46% of single senior adults and 23% of partnered seniors receive 90% of their main monthly income from their social security benefits.
Is it Too Late?
If you are reading this, you are likely nearing or already fit underneath the umbrella for social security benefits eligibility. Anyone who is 62 years old and over automatically qualifies to begin the application process. However, this should not be your only source of income for stable and comfortable living. But don’t fret! You have other options that will allow you to live with a bit more freedom and less worry over how you’ll get by from month to month.
Let Us Help!
At American Family Senior Services, our main priority is to protect, promote and enhance your freedom to make intelligent decisions. We have an abundance of important social security information you will need as you approach your retirement. We can help you tap into services that will teach you how to manage your money. We can also help you apply for bonus monthly payment packages, such as Supplemental Security Income, which will grant you $1066 every month if you live with a spouse or $710 if you are single.
The prospect of financial instability is frightening and shouldn’t loom over your future. If you don’t want to spend your “golden years” living paycheck to paycheck, contact us for social security retirement information. We can help you create a sound plan.