The Social Security Administration website features a retirement benefit estimator for anyone wondering when they can retire and how much benefit they’ll receive once they retire. The monthly benefit amount is based on date of birth, current yearly income, and varies depending on the chosen retirement age- 62, 67, or 70. Make sure to prepare yourself before using it because your potential benefit amount is likely to be less than expected, and less than what you currently earn per month and need to make ends meet.

Keep in mind, Social Security benefits are not intended to cover all expenses. Personal savings and investment accounts are necessary to supplement Social Security for an individual to live comfortably in retirement. Unfortunately, more than one third of Americans don’t have savings accounts or investments of any kind. None of us can change the past but with the right resources and tools we can change our financial futures.

Alloy Wealth Management works with clients to create custom retirement plans based on timeline and goals with a focus on growing and preserving assets to generate lasting income in retirement. No one wants to run out of savings a year after retiring and then reenter the workforce. Our experts educate pre-retirees on inflation risk, how withdrawals from investment accounts are taxed, the potential need for long-term or nursing care, then point out other issues that can drain a nest egg. Contact Alloy Wealth for professional Retirement Planning and Investment Management services and enjoy a more successful retirement. 800-689-3935