Like most American workers, Social Security probably will be a significant source of your retirement income.
But the Social Security Administration notes that the average retiree benefit provides about 40 percent of your pre-retirement income, and most retirees need around 70 percent of their pre-retirement income to live comfortably.
There are many ways to help close that gap, including an employer-sponsored retirement savings plan. Using this plan effectively can go a long way toward preparing you financially for your golden years.
To help you plan, it’s smart to get an idea of what your Social Security benefit may be. Your amount is based on your lifetime income and at what age you choose to start receiving benefits.
Go to www.ssa.gov/retire2/estimator.htm for an estimate of your benefit. You also can see how the amount changes according to when you start taking Social Security benefits.
Everence® is experienced in helping people plan for retirement. Talk to us to plan your next step.