Recent statistics show that a lot of people are finding themselves unprepared for retirement. One reason is because they assume that Social Security will provide them with adequate retirement income. Looking more closely into the matter you find that the average Social Security benefit is not going to be enough to finance any reasonable retirement.
Of course your benefit may well exceed the average, but right now the Social Security Administration says that the average monthly benefit is around $1080. Yet, about a third of the people who receive Social Security say that it comprises at least 90% of their total income. Over 60% of Americans who are receiving Social Security state that it is their primary source of income.
In light of the limitations of Social Security, the wise course of action is to plan ahead in advance with the assistance of an Oklahoma City retirement planning attorney. Develop a plan, then stick to it, so that you have adequate resources to enjoy your retirement to the fullest. But with this being said, you also need to know where you stand with regard to your Social Security benefit.
There is a great online resource offered by the Social Security Administration called the Social Security Retirement Planner. On this page you can find everything you ever wanted to know about Social Security. The site also has interactive tools that you can utilize to narrow things down to your specific situation.
The fact is that the American dream is alive and well. With some intelligent advance planning, professional advice and solid information you should be able to find that pot of gold at the end of the rainbow after your working days are behind you.
Larry Parman
Author, President and Founding Attorney
Parman & Easterday
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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