LOUISVILLE, Ky. (WAVE) – What you know about social security may not be the information that you need to know the most.<\/p>\n
Understanding your social security benefits and your savings can surely make a difference when you are trying to make ends meet once you reach retirement age. A scary analysis from a study done by the Center on Budget and Policy Priorities states that \u201cwithout social security, more than 22 million Americans would fall into poverty.\u201d<\/p>\n
Marcus Warren is the founder and president of Warren Wealth Management and Tax Planning. He examines the financial needs and investments of those ready to retire daily to make sure they are not only ready but comfortable.<\/p>\n
\u201cThere are 69 million Americans that rely on Social Security as their sole income source in retirement,\u201d exclaimed Warren. \u201cSocial Security was never meant to be your sole source of retirement income.\u201d<\/p>\n
As a financial planner and investment advisor, Warren reminds people to be secure in retirement plans for not only social security but your savings, investments and any 401K plan or pension you may have.<\/p>\n
And remembers social security is not one of \u201cyour\u201d savings plans.<\/p>\n
\u201cWhen you pay into social security, it\u2019s not your own personal pension fund,\u201d explained Warren. \u201cIt is a social security tax. Now it has been construed to seem like I paid into this. I paid dollars into this. I paid my dollars into my Social Security. Into my social security account. I want my money.\u201d<\/p>\n
The money you pay right now covers current Social Security payments for present retirees. It does not go into an account for you.<\/p>\n
With the largest wave of retirees in U.S. history as the baby boomers step out of the workplace, people living longer, and birthrates declining, the social security pool where your money is placed is not as deep.<\/p>\n
\u201cIn 2033, people who are receiving social security or who have yet to receive social security will receive a 23% reduction in benefits,\u201d explained Warren.<\/p>\n
It has been estimated that if Congress does not act to reform the system, the program\u2019s trust fund is headed toward depletion. Only incoming payroll taxes would fund the payments.<\/p>\n
\u201cBy 2033, they say that they will only be able to pay out 77 cents on the dollar basically,\u201d shared Warren.<\/p>\n
You can claim Social Security retirement benefits anytime between the ages of 62 and 70.<\/p>\n
Your payments at age 62 will be reduced. You get less money for a longer period of time.<\/p>\n
At age 67, you receive a 100 percent payout. Delaying your payments to age 70 will give you the largest possible monthly payout.<\/p>\n
Once you make the selection, that is what you receive for the entirety of your life. You should also know that Social Security payments can also be taxed.<\/p>\n
\u201cYour social security can be taxed if you\u2019re over a certain income threshold, and up to 85% of your social security can be taxed,\u201d explained Warren.<\/p>\n
If you are still on the job, not quite ready to step into your golden years plan, plan, plan, for that day.<\/p>\n
\u201cMake sure you\u2019re contributing to your company retirement plan, your IRA, things of that nature,\u201d stresses Warren. \u201cThat you\u2019re putting money away first. That you\u2019re paying yourself first.\u201d<\/p>\n
Social Security doesn\u2019t just happen.<\/p>\n
You\u2019ve got to apply for Social Security when you are ready, and you have to decide when and how much money you\u2019d like to take from your benefits. You must fill out an application online or at your local Social Security Administration office.<\/p>\n
A government representative will contact you by mail to start the verification process. This is done by mail until you sign up for text or phone messages.<\/p>\n
Be sure to watch out for scams. Scammers are always ready to take your money.<\/p>\n
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