Retirement planning should be taken very seriously because there are no guarantees that you will be able to retire. It is up to you to recognize your anticipated financial needs and stay within a financial framework that allows you to accumulate the necessary retirement resources.
Social Security will help, and it is the primary source of income for the majority of people who are receiving their benefit. While it is not wise to be overly reliant on Social Security you paid into it, it’s there for you, and you should know what to expect from it.
People sometimes question how the benefits work for married couples who are both eligible. According to Social Security Administration rules both you and your spouse will receive the benefit that you are each individually entitled to based on your lifetime income. When one partner dies the surviving spouse will receive the larger of the two benefit amounts.
Another thing to note is that if one partner was eligible for a benefit that was less than half as much as his or her spouse this individual’s benefit would be increased to half of what the higher earning spouse was receiving.
The best way to gain an understanding of how to utilize Social Security in conjunction with a comprehensive plan for the future is to seek the advice of a professional. Should you be interested in doing so, right now would be a good time to arrange for a consultation with a licensed Somerset County NJ estate planning lawyer.
Alan Augulis, Estate Planning Attorney
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