Sometimes there is value in knowing. Social Security was never meant to cover all your expenses in retirement, and, unless you work in the public sector, pensions are rare. Knowing there’s another payment coming in like clockwork every month, or that your savings have some protection from a volatile market, can ease possible worries about not having enough to support yourself, especially during times of economic uncertainty. If you’d be interested in learning about some alternative sources of retirement income, get in contact with us. We know about some options that might fit the bill.

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A Bridge

We’ve spoken in the past about the financial benefits of delaying the claiming of Social Security benefits. However, what happens if retirees decide to leave their jobs before reaching age 70 and need to “bridge the gap” of income until they do start to claim their Social Security benefits?  Most people would be better off if they had some source of retirement income to support them until they’re able to max out social security (or delay it for however long they decide to). An annuity may be able to serve this purpose. Contact us to learn more; we’re always here

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Full Retirement Age

You’re eligible for the unreduced Social Security benefit (referred to as your Primary Insurance Amount) once you reach your full retirement age. If you were born in 1960 or later, your full retirement age is 67.  You can start taking Social Security retirement benefits as early as 62, but the benefit is reduced by 30% (or less if born before 1960) from the amount payable by waiting until you reach FRA to claim it. In fact, every year you delay past FRA boosts your monthly benefit by 8% thanks to delayed retirement credits — up until age 70, at which

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