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Will Social Security Be Enough to Live On?

June 21, 2021

Just because Social Security may exist when you start to draw benefits doesn’t mean it can be your exclusive retirement income source. How much you’ll spend during retirement will depend on a host of factors—the lifestyle you choose to maintain, how long you live, where you live, and many other things. Planning your needs is not an unmanageable task, but it requires an understanding of the different rules and circumstances that impact retirement costs.

An unlikely scenario
Considering longer lifespans, cost-of-living increases, and unforeseeable future events, it seems unlikely that most Americans could maintain their lifestyles with only a monthly Social Security check. Not to say that it can’t happen, but you may need other income sources. These can include private savings, investments, and employer-sponsored retirement plans—all vehicles that you can be working on today to help ensure you have enough for the years to come.

Don’t let procrastination hinder your future
The average U.S. life expectancy in 2019 is 78.6 years old1, which means you may have a long retirement to plan for. Like the old proverb says, the best time to plant a tree was 20 years ago. The second-best time is now.

Don’t put off figuring out how you can best plan for a comfortable retirement. Call today to discuss how to start planning for your future.