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Social Security Retirement?

Social Security Retirement? Plan for Social In-Security…

Candance Bahr, CEA, CDFA

If you’re counting on Social Security as a major part of your retirement income…watch out! The Social Security system is increasingly strained. With people living longer and better health care, more and more people are drawing benefits. To give you an idea: 

 In 1940, there were 40 active workers to support each person receiving Social Security. Last year, it was down to 3.2 workers supporting each, and it’s projected that number will continue to fall.

 Keep in mind–the age you can start receiving full benefits is going up as well. It used to be 65, but the qualifying age for full benefits is now increasing on a graduated scale. By 2027, the age will be 67. So, you’re probably going to have to wait longer to qualify for full benefits to start replacing a smaller percentage of your pre-retirement income.

 Be aware of this when you’re calculating your required retirement income, and don’t count your Social Security eggs before they’re hatched. In long-term retirement planning, it’s better to assume less and end up with more, than the other way around.

This article is reprinted with permission from the Women's Institute for Financial Education (, creator of the Second Saturday Divorce Workshops. Founded in 1988, WIFE is a non-profit organization dedicated to providing financial education for women. Copyright 2019