Overestimating Social Security Benefits | Fisher Investments Common Retirement Investing Mistake #6

Transcript

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social security is an important
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component of the american retirement
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system
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and for many social security benefits
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are an essential source of cash flow in
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retirement
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but your benefit will likely not replace
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all of your income in retirement
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for average earners social security
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retirement benefits only replace about
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40 percent
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of pre-retirement earnings if you have
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lower earnings
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your benefits will likely replace a
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larger percentage of your income
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if you are in the upper income brackets
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your social security benefits will
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likely replace
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a smaller percentage of your income that
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may sound counter-intuitive
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but the social security program was
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designed to reduce poverty
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amongst retirees as such
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annual earnings above a set amount do
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not count towards your benefit
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the average monthly social security
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payout in june of 2019
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was 1 470
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this will likely be a very welcome
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source of retirement income
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but remember that social security is
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just one part
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of a successful retirement strategy
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thanks for watching you can check out
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our
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other six common retirement investing
1:21
mistakes
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to learn more about what to avoid as you
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plan for your financial future
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you