The most common question we hear about Social Security is, “I know I can’t outlive my Social Security benefit, but will Social Security provide me with enough income when I stop working?”
Here’s a fact that may surprise (and possibly scare) you: Social Security may replace up to 57% of lower income workers’ income; however, it may replace only 27% for higher income workers – less than one-third of their income! Ouch!
Assuming you’ve paid into the Social Security program throughout your working life, here are some more helpful facts:
Social Security has another important abbreviation – FRA – that stands for Full Retirement Age. If you were born, for example, between 1943 and 1954, your FRA is 66 years and 0 months (see the chart to the right for other birth years). So, if you “retire” sooner than your FRA and start drawing your Social Security benefits, you will receive LESS money than if you had waited until you reached your FRA. Conversely, if you “retire” later than your FRA, you will receive MORE money.
For more information, click here to read "Why is Social Security Planning Very Important?" on SafeMoneyNews.com
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Low Risk, Low Volatility Disclosure: Your investment advisor may recommend third-party money managers who utilize investment strategies designed to minimize portfolio volatility and reduce the risk of declines in account values. Like any other investment strategy, this approach entails risks, including the risk that client accounts can still lose value and the risk that a defensive position may, at any given point in time, prevent client accounts from appreciating in value.
We describe the Horter investment management platform by using the terms "Low Risk" and "Low Volatility" to emphasize the strategies employed by our money managers. However, notwithstanding the risk management strategies employed by these money managers, certain investment portfolios employed by our money managers present a greater degree of investment risk than others depending upon the performance of the underlying securities. We typically refer to these strategies as "Moderate Risk" and "Moderate Volatility". Such performance can be impacted by a number of risk factors, including but not limited to (i) the level of price volatility (equity securities generally have greater price volatility than debt securities, (ii) changes in interest rates, and (iii) the ability of the manager to purchase or sell a security in a timely manner at desired prices.
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