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Gelinas Financial Group, Inc.

LISTEN, UNDERSTAND, RESEARCH, HELP. Money management has a new reality. Financial-planning efforts must consider “the whole client.” We offer a multi layer approach that starts with education. We strive to gain your trust then deliver the results you seek. At Gelinas Financial Group, Inc., our passion is supporting our clients by adding value: You need information to make correct decisions. We’ll help you achieve higher levels of success and better process management through cutting-edge solutions, training, mentoring, and continuing education. Our objectivity and independence mean you get the financial-planning and risk-management solutions that meet the unique demands of your present situation. We offer our expertise in the following areas: Financial Planning Retirement Planning Insurance Investment Coaching Annuities More Hope is not a strategy. We meet with our clients regularly to scrutinize their investments and make adjustments.

Dangers of Overestimating Social Security Payments

Shawna Kreis Shawna Kreis , 9/16/2015
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Retirement CoupleWhen it comes to securing a comfortable future during retirement, you'll want to make sure that you understand the benefits that are to be gained through Social Security.  For starters, your Social Security benefits are not meant to be lived on as a primary form of income.  Many people believe that the more they work, the more Social Security they will get, and while this is true to a point, the maximum you can draw annually is around $30,000.

If you overestimate your monthly Social Security payments, you will find yourself at the onset of your retirement in a very unfortunate situation.  Worst yet, there's really nothing you can do it about once you hit retirement other than go back to work to provide extra income for yourself.  You may also be able to qualify for certain types of governmental assistance.

Did you know that nearly 70 percent of employees in the United States have access to a retirement plan through their employers, but only about five percent of them actually contribute to it?  You don't need to fall into this category.  If your employer offers a retirement plan, pay into it.  If your employer doesn't, you should speak with a qualified accountant about setting up an individual retirement account.  The only way to be secure in retirement is to prepare for it.  And you need to start now and lean not on your own understanding of Social Security benefits.  You may even find that once you hit retirement, Social Security benefits will be severely reduced, meaning you may only receive a portion of what you're supposed to, and this is all the more reason to be aware of overestimating your Social Security payments