How Utah retirees plan to supplement their Social Security source of revenue

If you’re retiring soon and wondering what will happen to your Social Security benefits, you’re no longer alone.

This is why many Utah families are looking for additional sources of revenue resources to make ends meet at this time.

It’s hard to think that leaving Social Security could be for you, especially when projecting reductions in the cash needed to maintain flow and profit levels in less than 10 years. And if Congress doesn’t do something to fix it soon, the per month benefit could be significantly reduced – leaving you with far less money than you were counting on to leave.

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Social Security benefits only replace some of your income.

-Social Security Management

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“It’s frustrating. It doesn’t matter how much money you contributed to Social Security. When the money’s gone, it’s gone. At that point, they’re only allowed to pay benefits from the new money they brought in. So, this can cause trouble right in the middle of your retirement,” explains Tyson Thacker, CEO of Boss Departures North.

Even if the benefits aren’t cut, they won’t be as abundant. “Social Security benefits only replace some of your earnings,” the Social Security Administration study notes.

Note the importance of “some” reassurance. This system was not going to satisfy your wishes to leave. Its sole purpose was to save American citizens from poverty.

And it is also lagging behind in that challenge.

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Inflation has eaten up 36% of the purchasing power of Social Security benefits since 2000.

-CNN article, April 28, 2024

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Of course, Social Security benefits get the usual “cost of living adjustment,” which may be intended to protect you from inflation.

However a CNN article earlier this year reported that they are no longer doing a good job of it. They explain, “According to an analysis last year from The Senior Citizens League, inflation has eaten up 36% of the purchasing power of Social Security benefits since 2000.”

Even if you’re no longer on Social Security, you’re almost certainly feeling the pinch. Your hard-earned money doesn’t grow as much as it used to. And you just want more source of income to meet your needs.

This is inspiring many Utah families to make an impactful choice…

They are realizing that they cannot rely solely on Social Security to replace their source of revenue. For this they will have to look for possible alternatives.

“One of the beautiful things about Social Security is that it’s a form of contractual income. You get a fixed amount of money every month – for the rest of your life. When it works, this kind of reliable income in retirement. can represent security and financial confidence in the U.S.,” says Ryan Thacker, president of Boss Departure Answers.

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The last factor you should consider is 80 years of use, loaded and required by the month.

-Ryan Thacker, Boss Departures Answers

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“The last thing you want is to be 80 years old, full of life and completely healthy. If you have several different sources of income every month, like everyone else does, you’re much better off. Will happen in your life,” Thacker explains.

Sadly, many families have struggled to find a suitable addition or supplement to Social Security.

While alternative sources of revenue have their advantages, they also have persistent insurmountable disadvantages.

So-called safe sources of revenue resources, including CDs, Treasuries and bonds, pay out easiest when interest rates are at their peak. However those payments may be lower if fees are lower.

Chasing a source of revenue within the hold market exposes your financial savings to market volatility – and is liable to the inevitable hold market crash.

And between the hassles of tenants, maintenance, quality taxes and alternative bills, investing in real property is no longer as difficult as it should be.

However relying on supplying a source of revenue is another possibility that many Utah retirees are taking a second look at these days, even acknowledging that it will sometimes get a crippling wrap. And that supply is annuities.

“Annuities are enjoying record-breaking popularity, as they provide a guaranteed source of contractual income for the rest of your life. And with the right annuity, you can be confident that you’ll never be short of money in retirement. Also, it wouldn’t hurt to set aside a portion of your savings from the stock market, says Tyson Thacker.

Even Barron’s – the most reliant on monetary media firms – referred to annuities as a “hot investment” in this era in an article by Karen Hube.

“Annual payments and guaranteed income are the highest in more than a dozen years,” the Barron’s article states. And traders are “locking up annuities at unprecedented rates.”

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With the right annuity, you can rest assured that you will never run out of cash to leave.

-Tyson Thacker, Boss Departure Answers

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Like everything else in the month, there are excellent and terrible annuals.

Positive annuities would also be an efficient financial choice. They are a way to have a lifetime contractual source of revenue, depending on the management of your Social Security benefits. And unlike Social Security, if you move past the positive payment threshold, they can loan the cash to your country and then you’re gone.

“It’s not unusual for us to review hundreds of different annuities for a client. And we only recommend one or two of the best options,” says Ryan Thacker.

The main thing is to understand whether they can give you the results you want. A loyal monetary advisor can help you decide if annuities could be a subtle extra source of revenue to help you retire. And if this is the case, how to determine which type of annuity is right for you.

Boss Departures North is one of the most recognized names in monetary construction plans within the Better Salt Puddle Town branch, with six offices located through the Wasatch entrance.

To reach the departure source of your revenue goals, Boss Departure Answers supplies a remote, custom designed departure source of revenue research.

The purpose of this research is to make sure you already know what sources of revenue streams may be available to you, and to give you tips on how to make the most of each.

This includes: helping you make the most of your Social Security benefits, finding out how annuities may or may not be useful to you, developing a plan for withdrawals from your IRA or 401K, managing where your income is leaving. Protecting the source from over-taxation, and most often helps you get ahead of every dollar left.

While many consultants can charge thousands of dollars per month for a custom designed revenue source plan, Boss Departures Answers is offering a limited selection of those departure source research appointments at a value for KSL.com readers.

You will be able to request revenue research of your departure source online, or call (801) 990-5055.

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Tyson Thacker and Ryan Thacker are the CEOs and Presidents of Boss Departure Answers. They are five-time winners of Utah’s Perfect Off Order Award and have six offices located throughout the Wasatch Gateway.

Advisory products and services offered through Boss Departure Advisors, an SEC-registered funding advisory company. Insurance coverage services and products offered through Boss Departures Answers. The knowledge contained in this content is provided for informational purposes only, and any dissenting comment made herein shall not represent a tax, criminal or funding recommendation. The tips should not be considered secondhand as the only real basis for monetary choices, nor should it be considered as a recommendation designed to meet an individual’s specific desires. You should seek advice on criminal and tax related questions from a remote lawyer or tax advisor. BOSS is not affiliated with American Executive or any executive company. Advertising fabric supplied through Infinity Advertising Services and Products. Boss presented programs and paid fees for the Utah Perfect of Utah awards. Impacts were encouraged independently through guidelines provided by the awards group (https://www.bestofstate.org/about.html) and BOSS. BOSS won the Utah Perfect of Order award in 2019, 2020, 2021, 2022 and 2023.