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Can Social Security Income Help Me Live Comfortably?

by Chris Cooper, Financial Planning Expert
June 02, 2016

Question: Can I depend on social security income to help me live comfortably?

Answer: Yes, we all can. It is a large social program, and the terms of when it may payout may change, again, in the future, I believe that Social Security will be here for all.

To determine if you can live comfortably on just social security income alone, you will need to estimate your living expenses in retirement verses how much a month your benefit is projected to be. The longer you wait to start your benefits (age 70 verses age 67 or 62) the greater the monthly benefit.

People with higher incomes will see that social security provides less replacement of monthly income from working than for people who have more modest income, meaning the more you make, the more you have to save and invest to replace income from work in retirement.

Chris Cooper is the owner and founder of Chris Cooper & Company, Inc., a fee-only financial planning firm for elderly persons and the owner and founder of ElderCare Advocates, Inc. a private geriatric care management and long term care consulting firm. As a California Licensed Professional Fiduciary, Chris can serve as  Conservator of the Person and Estate under court appointment,  as Agent under a Durable Power of Attorney for Financial matters and Health Care matters.

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