How COVID-19 Impacted Social Security
The economic impact of COVID-19 has been felt from coast to coast. And, unfortunately for many pre-retirees, it could potentially impact Social Security benefits as well.
A new report indicates that if Congress doesn’t take action to address funding, benefits will be cut to 78 percent by 2034. Social Security’s long-term funding has been a concern for some time now, but it appears that COVID-19 has shortened the timeline.1
Sources of Retirement Income Beyond Social Security
In December 2020, the average monthly benefit for a retired individual receiving Social Security was $1,544. Even with benefits at full funding, you may not be able to meet your financial needs in retirement on Social Security alone. For those who have the opportunity to plan and prepare, Social Security doesn't have to be their only source of retirement income. There are a few options to consider when preparing to supplement the difference between what you earn in Social Security benefits and what you need to thrive in retirement.2
We Can Help!
Social Security can be confusing. One survey found only 6% of Americans know all the factors that determine the maximum benefits someone can receive. If you have any questions, please reach out. We have a number of resources at our fingertips that you may find helpful.6
1. Treasury.gov, August 31, 2021
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.