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Social Security Figures Underscore Importance of Retirement Planning

There is an interesting article on the Forbes website that provide some information that is very inspiring to those who are looking for reasons to start planning ahead for the future.

The article tells us that this year the average Social Security benefit for a couple in the United States is a mere $2048 per month. For single individuals the average is just $1,261. These figures are in place after a 1.7% cost-of-living adjustment that went into effect at the beginning of the year.

This is the average, but let’s look at the maximum. You do not have to pay Social Security taxes on income that exceeds a certain amount. Right now the maximum taxable amount is $113,700 per year.

Obviously this figure has gone up over the years to account for inflation. However, if you paid the maximum amount possible every year during the 35 years during which you earned the most amount of money you would be eligible for the maximum benefit.

This year the maximum benefit that a single person would receive if he or she had in fact contributed the maximum amount into the program for 35 years is all of $2533.

These figures are eye-opening to say the least. Clearly, you’re going to need financial resources that you are able to accumulate on your own in addition to your Social Security benefit to truly enjoy your retirement years with a certain degree of financial freedom.

The first step is to devise a plan. If you are ready to get started send us a message requesting a free consultation after clicking this link: Free Retirement Planning Consultation

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Mark S. Eghrari, Estate Planning Attorney
Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
Latest posts by Mark S. Eghrari, Estate Planning Attorney (see all)
  • Special Needs Planning and Medicaid Recovery - March 21, 2019
  • Have You Considered a Living Trust? - March 12, 2019
  • How Do You Qualify for Medicaid? - March 7, 2019

About Mark S. Eghrari, Estate Planning Attorney

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.

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