Retirement planning is an extensive, detailed process that should be handled by a professional. At Harlow Wealth Management, we know that many terms and options can cause confusion, and it is often stressful to choose a product that can provide a solution for your future. Many members of our community rely only on pension plans and Social Security, and we want you to understand why a full retirement plan is important to your financial independence and security.
What Is Social Security?
Social Security is a program run by the federal government. Throughout your working life, you pay into the Social Security system through payroll taxes. Once you retire, the government pays you benefits each month in the form of Social Security.
What Is a Pension Plan?
When an employer must contribute to a pool of funds that are designed for your future benefit, this is referred to as a pension plan. A pension plan is a form of retirement planning, and the contributed funds are invested on your behalf. Once you retire, any earnings made from the investment are given to you in the form of income.
Why a Retirement Plan Is So Important
In today’s world, uncertainty abounds when it comes to pension plans and Social Security, particularly for those born in the Baby Boomer era. As fewer people work and more age into retirement, there is no guarantee that the government will have the funds to pay out the full amount of your Social Security benefits. Social Security costs are expected to exceed the income by the year 2020, which may affect your retirement options. Pension plans are much the same as they can be dependent on the burdens placed on the system.
With retirement planning, you take matters into your own hands rather than relying on the government. We help you identify sources of income, set up savings programs and manage your current assets so your retirement income is secure and stable regardless of the economy.
Set Up an Appointment
If you are concerned about your retirement and want the financial independence that comes when you have a solid plan in place, schedule a meeting with us today!
Harlow Wealth Management is not affiliated with the U.S. government or any governmental agency.
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