Planning for Retirement: What to Expect From Social Security

by William Reichenstein

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Retirement planning can be a daunting prospect, particularly for those approaching retirement age when the necessity of planning becomes much more obvious. Not only will you have a major change in sources of income that must be estimated, but those retirement income sources can have a major impact on the asset allocation decision for the family’s portfolio.

Social Security and other retirement income streams are essentially bonds, and these bonds are usually a substantial part of a family’s total assets. To properly manage these assets, a family must understand the key features of its pension plans, including Social Security.

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This article will explain the basics of the Social Security program, which affects virtually every family. In particular, as you are approaching retirement you need to have some idea of how your decisions could affect the size of future benefits. We will explain some of the factors that will determine your level of Social Security retirement income, including the age you choose to start receiving benefits, outside income you may earn while receiving Social Security benefits, and the taxation of Social Security benefits.

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