Social Security_ Your Retirement Reality Check

Money Explainers

Is Social Security enough for your retirement? Discover strategies to maximize benefits and diversify your income for a secure future! #RetirementReality #SocialSecurityTips #SecureYourFuture

Transcript

00:00For many middle-class retirees, Social Security is seen as a crucial safety net.

00:06Yet, a closer look at the numbers suggests it may not be enough to be the centerpiece of your retirement income.

00:12U.S. Census

00:13Bureau data from 2022 shows the national middle-class income range

00:19between NC2 $49,271 and $147,828.

00:27A range heavily influenced by location and cost of living,

00:32Social Security benefits vary widely, primarily depending on how long you defer your claim.

00:39Many experts suggest planning a retirement that doesn't solely rely on Social Security.

00:44Given persistent questions about the program's sustainability,

00:49maximizing your Social Security benefits requires strategy and understanding.

00:53The most effective way to increase your monthly check is to delay claiming benefits.

00:59While you can start at age 62, this results in a reduced monthly amount.

01:05Each year you wait up to age 70 significantly increases your benefit.

01:10Beyond delaying benefits, consider how other income sources like pensions or investment withdrawals

01:16can impact the taxability of your Social Security benefits.

01:19Proper tax planning is essential to minimize Uncle Sam's share.

01:24And rental properties with as little as $100 earning passive income through quarterly dividends.

01:31First National Realty Partner specializes in grocery-anchored commercial real estate properties,

01:36offering insights into strong return potential with essential needs brands like Kroger and Walmart.

01:41For newer investors, platforms like Acorns automate investing by rounding up everyday purchases

01:48and investing the spare change into diversified ETFs, making saving effortless.

01:55Middle-class retirees should explore other income avenues,

01:58such as part-time work, rental income, and investments.

02:02Real estate, both residential and commercial,

02:06long been a stable choice for diversifying portfolios and building retirement wealth.

02:11New platforms are making real estate investing more accessible than ever.

02:16For accredited investors,

02:18HomeShares offers access to the $36 trillion U.S. home equity market with a minimum investment of $25,000,

02:25providing direct exposure to owner-occupied homes with potential risk-adjusted returns of 14% to 17%.

02:32If you're navigating today's uncertain market,

02:35connecting with a financial advisor through platforms like Advisor,

02:39.com can help you develop a comprehensive retirement plan.

02:44These platforms match you with vetted financial advisors tailored to your needs,

02:49allowing you to view profiles, read reviews, and schedule free consultations without obligation.

02:54While maximizing Social Security is important,

02:57it should be part of a broader retirement strategy.

03:01For smaller investments,

03:02arrived backed by investors like Jeff Bezos

03:05allows you to invest in shares of vacation.

03:07Money Explained

03:09Money Explained

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