Florida Retirement Planning

Social Security is one of the biggest factors in retirement planning. It covers nine million people in Florida alone and distributes an average of $883 monthly to retirees. It is important to plan properly for your retirement to ensure a steady income.

Will you be covered by Social Security? Contact one of our Retirement Planning Professionals at Cranberry Lake Financial to learn about your Social Security benefits!

Other Florida Social Security Benefits Include:

• Retired Workers: $951 per month
• Disabled Workers: $895 per month
• Survivors of Workers: $841 per month

Approximately $226 billion worth of benefits are earned annually by Social Security retirees in Florida. The benefits are based on an average of the thirty-five highest earning years. Low-earning and no-earning years may be averaged in order to reach the thirty-five year mark.

Retirement Planning Statistics:

• 40% of workers are forced to leave the workforce due to disability, health problems, or layoffs.
• 40% of workers believe they can survive on less the 70% of their current income.
• 68% of workers plan to work until they reach retirement.
• 70-80% of a worker's current income is the necessary amount needed as retirement income.
• The proportion of workers saving for retirement has remained the same over the last 5 years.

Nationally, fifty-two percent of workers have no pension what-so-ever. Another thirty-one percent of people have no savings set aside for their retirement. Don't be caught without the retirement of your dreams - create a retirement plan today!