When you retire and your earning power ceases, you will depend on three primary sources for your retirement income:
- Social Security Income: The 2014 Social Security Trustees report showed a continuation of the current trend toward insolvency of both of its trust funds. As in the previous two years, the Trustees estimate that Social Security's combined retirement and disability trust funds will become exhausted in 2033, less than 20 years from now…In short, the Trustees report underscores that the Social Security crisis isn't only real, it’s already upon us.” (Fichtner, Jason J. “Social Security is in Crisis.” Marketwatch, July 31, 2014. http://www.marketwatch.com/story/social-security-is-in-crisis-2014-07-31.)
- Employer-Provided Plans: You may be eligible to participate in a retirement plan established by your employer and receive pension income at your retirement.
- Personal Retirement Savings: For many people, there is a gap between the retirement income they can expect from Social Security and employer-provided plans and their retirement income objectives. Personal retirement savings, fixed annuities, IRAs and Roth Accounts, can be considered, in certain situations, to bridge this gap.
To set an appointment to discuss your individual situation, please call us at (800) 925-2050 or send us and Email.