<p> Planning Cent$</p><p>Question:</p><p>Social Security issues have been in the news a great deal lately. What role will Social Security play in my retirement income planning?</p><p>Answer:</p><p>This answer will be different for each person, based on your other retirement savings and specific circumstances. Here are our top ten ways that it may impact you: </p><p>10) Social Security benefits are a predetermined amount of income which is based on your income history applied to a set formula. As you get closer to retirement age this predetermined amount should not be a surprise. 9) Steady Income - Once applied for your income is set; this will allow you to designate which expenses this recurring amount covers. 8) Lifetime Income - You will receive income from Social Security until you die 7) Inflation-adjusted income - Increased each year based on previous COLA (cost-of-living) adjustments 6) Spousal Benefits - Provide options to you and your spouse so that you can maximize your Social Security benefit 5) Survivor Benefits - Your children may qualify for benefits, based on their age when you die. 4) Applying at age 70 earns you the most credits and highest benefit 3) Pension Income, to include all retirement plan sources, does not affect Social Security - You can collect from your pension sources and Social Security at the same time 2) Let us help you review how Social Security benefits, your savings and your 401(k) Retirement Plan can be combined to create a solid Financial Plan for you and your family. 1) Consult with your Financial Advisor today. </p><p>Fun Fact:</p><p>“Social security was established in 1935 to alleviate poverty among the elderly during the great depression. It was created as a self-financing program that would collect payroll taxes from workers and their employers which would immediately be paid out in benefits to retirees.” (Horsesmouth, LLC) </p><p>If you have a question, please send it to [email protected] or give us a call at (630) 887-8400. We will answer your question directly and privately. If we believe it would help other 401(k) Plan participants, you might find it in a future Planning Cent$ bulletin (anonymously, of course).</p><p>Pc-5/13 Securities offered through Commonwealth Financial Network®, Member FINRA/SIPC. Fixed Insurance products and services offered through Stephen M. Wendt & Associates, Inc.</p>