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Michael A. Milazzo, CLU, ChFC
Registered Principal
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: meridian@ae.cadaretgrant.com
Website: www.merfinco.com
January/February 2018
One Piece of the Puzzle
Do you know where your retirement income will come from? If you’re like a lot of people, it won’t come from just one source. Your retirement plan, pensions, other savings, a job during retirement and Social Security all may be potential sources of income. It’s typically a good idea not to rely on a single source — especially Social Security — to provide the bulk of your retirement income.
Timing matters
When you retire affects how much you receive from Social Security. The earliest you can start collecting retirement benefits is age 62. But taking benefits before your full retirement age means your monthly benefit will be reduced. Your full retirement age is based on the year you were born. If you were born in 1960 or later, your full retirement age is 67. For individuals born during the 1950–1959 range, full retirement age ranges from 66 to 66 and 10 months. If you delay taking benefits past your full retirement age, your benefit will increase by a certain percentage each year until you reach age 70.
Getting an estimate
Unless you’re about to retire, you can’t be sure exactly how much you’ll receive from Social Security. Use the Retirement Estimator on the Social Security Administration website (www.ssa.gov) to get an estimate of your future Social Security retirement benefits. But remember, this is just an estimate.
You also should consider what current retirees receive from Social Security. On average, retired workers received an estimated $1,360 a month from Social Security in January 2017.* For a year, that’s about $16,320. Chances are, you’re going to need more than what Social Security provides.
Contributing more
Since Social Security likely will be just one source of retirement income, start thinking about your other potential sources — such as employer-sponsored retirement plans, individual retirement accounts, and investments. Saving more for retirement now may help provide a boost to your income when you will need it.
* Fact Sheet: 2017 Social Security Changes, Social Security Administration, 2017
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Securities and Advisory Services offered through Cadaret, Grant & Co, Inc, a Registered Investment Advisor and Member FINRA/SIPC. The Meridian Financial Company and Cadaret, Grant & Co., Inc. are separate entities. I am registered to sell Securities in the following States: NY, NJ, PA, NC, FL, ID.
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