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Today’s Social Security system, created in 1935, is a social insurance program designed to provide retired workers with a source of income after retirement. Many people assume that if they have paid Social Security tax most of their lives, they will have enough income to sufficiently fund their retirement.
In fact, Social Security typically replaces only 40% of the income that retirees will need or want to maintain their desired lifestyle. Many experts believe that most people need between 70-85% of their pre-retirement income to fund their retirement years.
Fortunately, there are tax-advantaged plans available to bridge the gap between what Social Security will provide you and what you’ll really need or want. We can work with you to design a retirement plan that is personalized to your unique objectives. Contact us for more information.
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