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Understanding your Social Security Statement

All Social Security statements also have a section titled “Some Facts about Social Security.” In this section, it talks about how Medicare and Social Security work together. It also states “Medicare does not pay for long-term care, so you may want to consider options for private insurance.”

This is the government telling you they are not going to pay for long term care, so you need a plan to pay for these yourself.  They recommend looking into long term care insurance options.

Why is my Social Security statement important?

On the first page of your Social Security statement, it says “Social Security benefits are not intended to be your only source of income when you retire. On average, Social Security will replace about 40 percent of your annual pre-retirement earnings. You will need other savings, investments, pensions, or retirement accounts to live comfortably when you retire.”

Social Security creates the foundation for retirement planning. Your Social Security statement provides crucial information to help make your decision about when to start your check. Starting your Social Security at the right time can be the difference between tens of thousands of dollars over your lifetime, as well as your spouse’s lifetime. 

Social Security creates the foundation of your retirement income, but it is not enough for retirees to live off of. Figuring out your Social Security benefit is the first step in creating an income in retirement. Cardinal can not only help you with Social Security, but also with creating a supplementary income from your savings, investments, and retirement accounts.


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Finishing Well
Finishing Wellhttps://www.cardinalguide.com/finishing-well/
Retirement planning involves a lot more than just managing your money. This show is the complete guide to planning for and living in retirement, helping families finish well. Host Hans Scheil will discuss a new topic every week ranging from Social Security and Medicare to IRAs and taxes. Follow along each week by downloading the corresponding chapters below for free! New episodes air: Finishing Well Schedule on Truth Network
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