The baby boomer generation is reaching retirement age, and statistics are indicating that a high percentage of them are not prepared financially. There were a couple of different surveys conducted last year by the Associated Press in conjunction with Lifegoesstrong.com and about one in four of the baby boomers who responded said that they would never be able to retire.
Another relevant factor to consider is that the majority of people who are receiving Social Security rely on their benefit as the cornerstone of their retirement income. With this in mind it is important to know about how much you can expect to receive when you become eligible for Social Security.
It was the norm for the Social Security Administration to mail out statements each year to everyone who is at least 25 years of age that provided projections. However, as a result of budget woes this practice was discontinued last year so you are not going to receive such a statement in the mail each year unless you are at least sixty years old.
Though the mail carrier will not deliver the goods anymore, you can obtain this information. It is now readily available on the Social Security Administration website. Simply click this link to get to the relevant page: obtain Social Security statement.
Social Security will be part of the retirement puzzle, but in and of itself it is not going to be a comprehensive solution. To discuss a 360° plan for aging with an expert, take action right now to arrange for a consultation with a licensed and experienced Somerset County NJ retirement planning lawyer.