57 Million: Americans currently supported by Social Security
Social security currently supports more than 57 million Americans, and contributes to an average two-thirds of income for those over 65. Without it, 44% of the elderly would qualify as poor, but with Social Security, the poverty rate is only 9%.
Social security turned 78 in August, but in the past few years there have been increasing concerns about the future of Social Security due to the steadily increasing elderly population coupled with government cut backs. There are proposals to increase the salary cap on taxable benefits or reduce the benefits of high income beneficiaries. Additionally, there are talks of privatizing, vouchering, or reducing the payouts.
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With the future of Social Security uncertain, be sure that it is not your only source of income for retirement. Plan ahead for your retirement using strategies like tax-advantaged retirement savings vehicles such as 401(k)s.
Source: The New York Times, "Social Security at 78" 8/14/2013
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Prepared by BlackRock
Delivered courtesy Joel W. Grams, CRPC®, CLTC,
Registered Representative, Financial Planner, 212 Capital Group
38 Main Street Suite 360, Westlake Ohio 44145
(440) 835-4501 Ext 17, jgrams@212capitalgroup.com
The foregoing discussion is general in nature and not intended as specific advice. New England Financial nor its representatives are engaged in rendering tax, accounting or legal advice. A qualified professional should be consulted regarding the effect of such considerations on the matters covered in this publication.
For information on New England Financial insurance or other financial products and services, please contact
Joel W. Grams, CRPC®, CLTC, Registered Representative, Financial Planner with /New England Financial 38 Main Street Suite 360, Westlake, OH 44145, at (440) 835-4501 ext. 17, jgrams@212capitalgroup.com
.
New England Financial is the registered mark for New England Life Insurance Company (NELICO) Boston, MA 02116. Securities and investment advisory services offered through New England Securities, Corp. (NES)(member FINRA/SIPC) a Registered Investment Advisor. NELICO and NES are MetLife companies. L1213352996[exp1214][OH]