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Social Security is NOT an entitlement with Cy Financial

SPONSORED • Published: Thursday, July 24, 2014 9:50 a.m. CST • Updated: Tuesday, July 29, 2014 11:25 a.m. CST
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Ever since you began working you have contributed 6.2% of your pay in the form of a mandatory tax for Social Security and SO HAVE YOUR EMPLOYERS!  12.4% total is no small sum.  Imagine if you had been able to direct how all that money was to be invested.  Social Security was started back in 1935 by President Roosevelt. Benefits were to begin at age 65 and the life expectancy was under age 60.  There were 160 workers paying in to the system for every 1 retiree.  Fast forward to today… there are 3 workers for every 1 retiree and the average life expectancy is 78 years of age! Benefits paid annually – over $816 BILLION and rising!  If you’ve made it to the promised land of retirement age you might be eager to take what the government is ready and willing to give you.  However, the latest batch of research suggests that many people who claim as early as they can come to regret that choice.  38% of retirees say they wish they would have waited to collect later which would have resulted in a larger monthly payment.

When to start receiving YOUR retirement benefits is one of the most important questions people near or at retirement need to have answered and that answer is highly personal.  Some factors to consider: current cash needs, your health and family longevity, plans to work in retirement, other retirement income sources ( 401(k)’s, IRA’s, Pension, Etc ), and the amount of your Social Security benefit.  True Financial Advisors, ( not product peddlers ) should play a major role in helping clients reach the right decision that fits their particular circumstances.  I encourage you to seek out a Certified Financial Planner™ as they have a responsibility to do what’s right for YOU.

Cy Financial | Toll-Free 844.322.3500 |

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