Social Security, one of the central pillars in American retirement planning, is set to experience significant shortfalls beginning in 15 years. Without a political solution, benefits to retired Americans may be reduced by up to 20%. Half of retired Americans rely on Social Security for most of their retirement income.
The problem is that more money is going out of the system than is coming in. A shrinking younger working population is outpaced by the Baby Boomers, of which 10,000 are retiring every day. Increased life expectancy and changing income expectations from Social Security will require that Americans consider additional retirement solutions. Possible solutions include delaying retirement, living on less and considering guaranteed income solutions.
Call Phoenix Insurance for a discussion about available guaranteed income solutions.