Is Social Security the Last Resort to Retirement Planning?

A recent study of 2,000 surveyed adults conducted by Nationwide and the Harris Group determined that a failure to communicate has resulted in qualified Americans missing out on their right to Social Security benefits. The data also concluded that the fault lies more with the intended audience than the agency itself. Ultimately, the study revealed total ignorance of the system’s fundamental purposes, calling for a complete communications department overhaul. 

If you are one of the two-thirds of Americans currently unaware of the measures Social Security has in place to protect against inflation, you aren’t alone. Fewer than 10% of the surveyed US citizens could list the factors surrounding the maximum Social Security benefits an individual would qualify to receive. Additional misinformation included confusion over the amount of income Social Security can replace, thereby determining the amount of monthly Social Security payments, full retirement age, and more.

A vast amount of skepticism toward the system’s viability continues to draw concern. However, by logging into the Social Security online system, retirees could have instant access to applicable information, additional resources, and more. Plus, the website provides the most appropriate phone numbers and addresses for locations across the nation, better enabling retirees to contact their local Social Security office directly over the phone. Regardless of age, US citizens have a variety of options when it comes to speaking with a representative, whether it’s over the phone, online, or in person.

The survey also found that one-quarter of Baby Boomers plan to continue working while filing for Social Security benefits early, although they do not currently receive benefits. Nearly 40% of said Boomers plan to draw their benefits long before reaching retirement age. Although those are acceptable methods, there may be severe consequences attached to either route. By taking the time to contact a local Social Security office or speak with a financial expert, retirees would be assured of making an informed decision before retiring.

Furthermore, due to the state of the economy and inflation, Americans of every generation are hard-pressed to make changes to life events in addition to daily lifestyles. These lifestyle changes may include doing things less frequently, such as driving, eating out, vacations, major purchases, and even putting off retirement. Unfortunately, the act of either retiring early or even putting off until later both carry implications that can hurt your bottom line. However, market volatility and high inflation continue to cause over 65% of Americans to feel more concern over retirement income than ever before.

By learning more about how Social Security works, its benefits, and what you qualify for, you will be able to make informed decisions moving forward. Although our current economic environment is complicated to navigate, regardless of the stage of their career, retirement education is something that will benefit individuals of all ages. Those concerned with retirement, however, should remember to reach out to their local Social Security office when in doubt.

Contact Information:
Email: mark.heinrich@grfci.com
Phone: 9187441333

Bio:
Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families.

Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation.

Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.

Disclosure:
Securities offered through GRF Capital Investors, Inc., 6506 South Lewis Avenue, Suite 160 Tulsa, OK 74136 Phone: 918-744-1333 Fax: 918-744-1564

Securities cleared through RBC Capital Markets, LLC. 60 South 6th St., Minneapolis, MN 55402

Member FINRA www.finra.org / SIPC www.sipc.org

Broker Check http://brokercheck.finra.org/

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Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark's passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families. Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation. Additionally, we've counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.

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