By LouAnn Schulfer, AWMA®, AIF®

Social security offers a basic level of income to all people covered by the program. During your working years, you pay taxes into the social security system and as a trade-off, you earn credits which determine your estimated future benefits for yourself and possibly for your family members in the form of survivors benefits.

As part of our planning process, we run retirement income projections with our clients, which include pension, personal retirement savings and of course, social security income. Periodically, I am asked not to include social security out of worry that the program will not exist down the road. How future benefits will be paid remains to be determined, as congress needs to address the projected shortfalls. However, it is highly unlikely that benefits will be reduced for the 70+ million Americans already receiving social security payments, or those who are nearing their age of eligibility. In fact, we consider social security to be among the strongest of guaranteed retirement income sources, as it is backed by the taxing authority of the United States government. As long as there are workers to pay into the system, social security benefit payments will be there, in some way, shape or form. Oftentimes, hearing this fundamental function of the system helps alleviate some people’s social security stress.

LouAnn Schulfer is co-owner of Schulfer & Associates, LLC Wealth Management and can be reached at (715) 343-9600 or louann.schulfer@lpl.com. www.SchulferAndAssociates.com

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.