Federal Benefits

Federal Benefits

Do you understand your federal retirement benefits like Social Security, Medicaid, and Medicare? If you need help, our team can help you puzzle through some of these programs to estimate what kinds of benefits you could expect at any given time.

Introduced back in 1935, the program was designed to “give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age,” according to President Franklin D. Roosevelt.

If you were born between 1943 and 1954, the official full retirement age at which you can start taking benefits is 66. If you were born in or after 1960, full retirement age gets bumped up to 67. For Americans born in or after 1943, and depending on your situation, it could be ideal to wait until their age 70, as for every year you delay withdrawals from your full retirement age, Social Security adds an 8% annual credit to your benefits payout.

Most experts generally agree you’ll need about 70% of your pre-retirement earnings to enjoy a comfortable retirement; it’s likely Social Security will make up some part of that number.
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