Having both a pension and Social Security benefits can complicate tax and retirement planning. Social Security is the widely known safety net for the American workforce. When it began in 1935, it was intended as a supplemental benefit for a very small portion of the population. Today, it’s become the primary retirement income source for a majority of Americans.

With record numbers of Baby Boomers retiring, there is need for Social Security education. Social Security often replaces about 40% of pre-retirement income. Seventy three percent of current retirees are receiving a reduced Social Security benefit. The Retirement Estimator produces estimates that are based on your actual earnings. Use the Social Security benefits calculator to estimate your pre-retirement earnings.

When you look at who is providing your retirement income it really breaks down into two sources. An income that will not go down over time and is guaranteed to last as long as you live or a source where the income is neither guaranteed not to go down nor last a lifetime. On the guaranteed side these include the government social security plan and on the non-guaranteed side it is basically banks and Wall Street playing with your hard earned savings or equity in your home.

 An income that is guaranteed to be paid out for life is also known as an annuity, thus both a company pension and Social Security are types of annuities. Insurance carriers are the other annuity guarantors and they provide more choices. You can select an annuity from an insurer that begins paying today (immediate annuity), or one that will begin paying at a future date (deferred income annuity) and where you choose when to begin the income that also lets you keep control of the principal balance (guaranteed lifetime minimum withdrawal benefit).

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Social Security is one of the most misunderstood retirement benefits. We have strategies to supplement your social security with income for life.   Safe , Secure and Insure your principal retirement savings and enjoy your retirement years to come.


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When you retire, you take all of your Retirement savings & Investment savings (Cash, Pension, 401k, IRA, Rental Income, Mutual Funds, Stocks, Bonds, CD) and put them into One Big Bucket.  That Bucket of Savings is what you have to live from with the supplement of social security until death. You might even want to leave something behind for the children, grand children, spouse or charity using cash in the Bucket of Savings or a Life Insurance policy.  

The day you leave work, sell your business and stop producing income; you begin to Tap into the One Big Bucket of Savings and supplement with Social Security.  As you draw money from your Big Bucket of Savings, the balance begins to slowly trickle down.  But you need to have enough so you don't outlive your money.  You never know when it's your last day and you may live to be 100.  How do you plan for that?
 

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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation. By responding, you may be contacted by a licensed insurance professional regarding retirement income planning for the products they offer. NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL. NOT INSURED BY ANY STATE OR FEDERAL AGENCY.

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