The biggest story in Social Security today concerns the large number of baby boomers set to retire over the next 15 years and the relatively smaller younger generations feeding Social Security payroll taxes into the system. Adding additional stress to the system is the reality that, on average, today’s seniors are living longer than any previous generation. While that’s good news, it presents challenges to the Social Security system, and in other areas as well.
Furthermore, the value of your nest egg could be more significantly impacted by increases in the cost of living over a longer term. Quite simply, you could outlive your savings.
There are strategies a financial professional could help you implement that may identify income gaps and help reduce the risk of outliving your money.
It’s important to know how integrating Social Security benefits into your retirement income plan can play a role in your overall financial strategy.