Death and Social Security issues

During the arrangement conference, I am often asked about Social Security income. Many American’s are confused about how benefits are calculated and how the death of their spouse affects their benefit status. It is noteworthy that the Social Security Administration points out that, “Social Security was never meant to be the only source of income for people when they retire. Social Security replaces about 40 percent of an average wage earner’s income after retiring, and most financial advisors say retirees will need 70 percent or more of pre-retirement earnings to live comfortably. To have a comfortable retirement, Americans need more than Social Security. They also need private pensions, savings, and investments.” (Understand the Benefits, Social Security Administration, 2017)

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