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Counting on Social Security

Since retirement and Social Security go hand in hand, many people count on their benefit checks to provide them with significant income when they retire. Unfortunately, not everyone qualifies for benefits, and for those who do qualify, Social Security may not provide as much income as they expect. It is never too early to talk to a financial professional about Social Security and begin to form a realistic idea of what to expect from this important source of retirement income. 

Qualifying for benefits

Around of jobs today participate in the Social Security program. Prior to 2025, however, people working for the government (city, state or federal), railroads or public schools, may have faced reduced Social Security benefits. Not anymore! Signed into law in January 2025, the Social Security Fairness Act eliminates the provisions that prevented workers who received government pensions from getting full Social Security benefits. This applies to benefits payable after December 2023. If this change impacts you, to begin receiving an increased monthly benefit (plus a lump-sum amount to compensate for lower benefits paid in 2024), you simply need to:

• File for Social Security benefits online if you haven鈥檛 previously done so.
• Make sure the Social Security Administration has your current mailing address and direct deposit information.

Some people work and pay Social Security taxes but never reach fully 鈥� in other words, they do not earn the required 40 credits over ten years of work. If you are in this situation, it鈥檚 possible you qualify for disability benefits or you are eligible for benefits on a family member鈥檚 or ex-spouse鈥檚 earnings record.

Considering the full retirement picture

Assuming you expect to receive Social Security benefits, it likely will not replace the full amount of your previous income. However, your benefits can provide a base for your retirement income. Consider these for individuals and couples age 65 and older:

• Among Social Security beneficiaries age 65 and older, 39% of men and 44% of women receive 50% or more of their income from Social Security.
• Social Security makes up 90 percent or more of total retirement income for 12 percent of men and 15 percent of women.

You may need to supplement your Social Security benefits with income drawn from:

• Savings and investments (including qualified retirement plans and IRAs)
• A pension (if you have one)
• Annuities (which can convert a portion of your savings into a guaranteed income stream you can鈥檛 outlive)

Looking to the future

If you are counting on Social Security for retirement, you鈥檒l need a realistic idea of how much your benefit might be and how much additional income you鈥檒l need to help cover your anticipated retirement expenses. A comprehensive retirement planning discussion with a financial professional is a good place to begin identifying and addressing any apparent gap between income and expenses. A fixed annuity may be the right fit if you need to fill that income gap and help plan future expenses.

There are many unknowns, of course 鈥� inflation, health care expenses, the overall economy and even the number of years you will spend in retirement 鈥� but thoughtful planning can help put you in the best position to thrive during retirement and adapt to changes as necessary. 

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Not affiliated with or endorsed by the Social Security Administration or any governmental agency. This material contains educational information regarding the availability and details surrounding the Social Security program and is not intended to promote any product or service offered by 黑料社区. The information represents a general understanding of the Social Security Program and should not be considered personalized advice regarding Social Security, tax, or legal advice. Details of the Social Security Program are subject to change. A tax or legal advisor should be consulted prior to making any decision. Visit for additional details.