Michigan Retirement Planning

Social Security is a huge component of retirement planning. In Michigan alone, 5.5 million people are covered by Social Security benefits. The payment of a Michigan Social Security retiree is an average of $934 monthly.

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

Other Michigan Social Security Benefits Include:

• Retired Workers: $1,029 per month
• Disabled Workers: $950 per month
• Survivors of Workers: $880 per month

The Social Security earnings of Michigan retirees is approximately $161 billion annually. The benefits are based on your thirty-five highest earning years. Years that were no or low earning periods will be averaged in as well to reach thirty-five years.

Retirement Planning Statistics:

• 40% of workers 55+ have less than $100,000 saved for their retirement.
• 64% of workers expect the same quality of life during retirement.
• Almost 35% of workers are unwilling to cut back on their spending in order to save for retirement.
• Many workers believe the retirement age is 65, but it has recently increased to 67.
• Only 19% of workers know when they are eligible for Social Security benefits.

Social Security is the biggest source of income for the elderly. Ninety percent of retired workers receive Social Security for over forty percent of their income. Ninety-six percent of workers are covered under Social Security - are you?