Learn About Social Security

It is never too early to learn about Social Security. Even if you recently graduated, now is the perfect time to learn about the essentials of retirement planning. Many Americans believe their Social Security benefits will be a major source of income later in life but that is not always the case. While you work to achieve short-term goals like buying a new home, we recommend you start working on a retirement plan.    

Alloy Wealth Management enjoys helping pre-retirees of all ages understand what it takes to live well now and in retirement. The first thing you need to know is that 

the Social Security Administration does much more than hand out retirement benefits. They provide social insurance programs and disability and survivor benefits too. Annual payouts are currently $1.6 trillion and the SSA predicts that the trust fund will be depleted by 2033. 

It is crucial that you create additional sources of income so you can retire and have the money you need to maintain your current lifestyle. Sign up for your employer-sponsored 401(k) and contribute the maximum amount allowed. Trust us, you won’t miss the money. 401(k) contributions are made before taxes are taken out. And don’t make withdrawals from your retirement account before age 59 ½. In an emergency, if you don’t have enough money in your savings, go to your bank for a personal loan. That will save you money in the long run. 

Contact Alloy Wealth to discuss other investment options and insurance policies that can provide income in retirement. Our number is 800-689-3935 and we have offices in Charlotte, Mint Hill, Huntersville, and Greenville, S.C. We hold complimentary classes in retirement planning and cover Social Security, tax planning, insurance, and many other topics that will help you achieve your financial goals. We look forward to speaking with you soon!