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Understanding Social Security Benefits: Can You Live Off Them?

  • Writer: Mickie Giacomini
    Mickie Giacomini
  • Aug 10
  • 2 min read

Updated: Oct 8

In this episode of Money Matters, Marshall and Mickie discuss Social Security benefits and whether you will be able to live off that benefit!


What Are Social Security Benefits?


Social Security benefits provide financial support to individuals after they retire. This program is crucial for many Americans. It aims to ensure that retirees have a source of income when they can no longer work.


How Do You Qualify for Social Security Benefits?


To qualify for Social Security benefits, you must have worked and paid Social Security taxes for a certain number of years. Typically, you need at least 40 credits, which equates to about ten years of work. The amount you receive depends on your earnings during your working years.


Can You Rely Solely on Social Security?


Many people wonder if they can live solely on Social Security benefits. The answer is often no. While these benefits can help cover basic living expenses, they usually do not provide enough income to maintain a comfortable lifestyle.


The Importance of Planning Ahead


It's essential to plan for retirement beyond just Social Security. Consider additional savings, investments, and other income sources. A comprehensive retirement plan can help ensure financial stability in your later years.


Additional Resources for Retirement Planning


For those looking to enhance their retirement strategy, various resources are available. Financial advisors can provide personalized advice tailored to your situation.


Want to make an appointment with Marshall for a FREE Social Security benefit review? Contact us today at ClarionAdvisors.com/contact. Please add Social Security Review in the notes. Thanks!


Conclusion


In summary, understanding Social Security benefits is vital for anyone approaching retirement. While these benefits are helpful, they should not be your only source of income. Planning ahead can make a significant difference in your financial future.


For more insights, watch the full episode of Money Matters with Marshall and Mickie here.

 
 
 

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