There is an interesting article on the Forbes website that provide some information that is very inspiring to those who are looking for reasons to start planning ahead for the future.
The article tells us that this year the average Social Security benefit for a couple in the United States is a mere $2048 per month. For single individuals the average is just $1,261. These figures are in place after a 1.7% cost-of-living adjustment that went into effect at the beginning of the year.
This is the average, but let’s look at the maximum. You do not have to pay Social Security taxes on income that exceeds a certain amount. Right now the maximum taxable amount is $113,700 per year.
Obviously this figure has gone up over the years to account for inflation. However, if you paid the maximum amount possible every year during the 35 years during which you earned the most amount of money you would be eligible for the maximum benefit.
This year the maximum benefit that a single person would receive if he or she had in fact contributed the maximum amount into the program for 35 years is all of $2533.
These figures are eye-opening to say the least. Clearly, you’re going to need financial resources that you are able to accumulate on your own in addition to your Social Security benefit to truly enjoy your retirement years with a certain degree of financial freedom.
The first step is to devise a plan. If you are ready to get started send us a message requesting a free consultation after clicking this link: Free Retirement Planning Consultation
- Three Tips to Provide Inheritance Planning Insight - June 11, 2021
- Veterans Pension Can Defray Long-Term Care Costs - June 7, 2021
- How Can a Special Needs Trust Trustee Use the Funds? - June 3, 2021