Social Security

There’s Always Social Security .... isn't there?

Social Security is another important factor of your retirement plan.

Social Security has been a lifesaver for millions of Americans since its introduction in 1935.

It’s still a helpful supplement to retirement income, but as you probably are aware, many people question the future of our Social Security system. Why? Because of the nearly 77 million Baby Boomers who are in or near their retirement.

Many people wonder if those taxes will be enough to pay benefits when and after they retire. Hopefully, there won’t be a problem.

People are aware of the issues and a variety of potential solutions have been and will continue to be proposed. Bottom line; it's never a good idea to put all your eggs in one basket...

What About Your Company’s Pension Plan?

What other sources of income might help fund your retirement? There’s your employer’s pension plan, assuming your employer offers one. And even if you work for a company that offers this benefit, there are other issues to consider.

Not long ago, people worked for one company their entire lives and retired with a handsome pension. Today, the rash of early retirement packages and corporate mergers means that more people move from job to job without devoting the time necessary to build a substantial pension.

In addition, many companies no longer offer traditional pension plans, also known as defined benefit plans, which guarantee a specific level of income to retirees. Rather, corporate America has traded them in for less expensive defined contribution plans, such as 401(k) plans. These plans require employees to contribute money via payroll deductions and make investment decisions that may or may not lead to sufficient retirement income down the road.