{"id":1026,"date":"2023-10-17T10:31:15","date_gmt":"2023-10-17T14:31:15","guid":{"rendered":"https:\/\/gpswp.com\/wealthflowfinancial\/?p=1026"},"modified":"2023-10-17T10:31:16","modified_gmt":"2023-10-17T14:31:16","slug":"where-does-social-security-fit-in-your-retirement-plan","status":"publish","type":"post","link":"https:\/\/gpswp.com\/wealthflowfinancial\/where-does-social-security-fit-in-your-retirement-plan\/","title":{"rendered":"Where Does Social Security Fit in Your Retirement Plan?"},"content":{"rendered":"\n

By Jay Shareef and Chris Rhoads<\/em><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

If you are nearing retirement, you\u2019ve paid into the Social Security system and you\u2019ll be able to claim benefits at some point. You know this\u2014but do you know the extent to which Social Security fits into your full retirement plan?<\/p>\n\n\n\n

It\u2019s that mysterious safety net we\u2019ve all heard about, promising some sort of financial relief during our golden years. But what\u2019s the real deal? When should you claim those benefits? And what\u2019s the current state of Social Security in a world that\u2019s constantly changing? Let\u2019s dive into these questions and help you figure out where Social Security fits into your retirement plan.<\/strong><\/p>\n\n\n\n

<\/a>The Three-Legged Stool<\/h2>\n\n\n\n

There are three main components to most retirement plans: Social Security, pension benefits, and withdrawals from savings. If retirement was a stool, then these components would be the legs holding up the seat.<\/p>\n\n\n\n

Having all three \u201clegs\u201d is ideal, but it\u2019s not always realistic. Pensions have become less and less common as employers shift toward other forms of deferred compensation and only about 21% of Americans will retire with pension benefits at all<\/a>. Another report suggests that only 7% will retire with all three retirement legs<\/a>.<\/p>\n\n\n\n

If you are part of the majority of Americans who won\u2019t be able to rely on a pension, your Social Security will play an even bigger role in your retirement plan, and chances are that it won\u2019t be enough by itself.<\/p>\n\n\n\n

<\/a>Will Social Security Make an Impact?<\/h2>\n\n\n\n

One of the most important aspects of retirement planning is quantifying how much your retirement will cost versus how much you will receive from Social Security.<\/p>\n\n\n\n

Let\u2019s take a look at the numbers<\/a>:<\/p>\n\n\n\n