June 7, 2018 | Categories: Annuities Financial Planning Lifetime Income Retirement Goals Smart Money

New Social Security Update from Riedmiller Wealth Management

In year 2034, Social Security will have to cut benefits by 21% if nothing is done regarding the program’s long-term funding shortfall which the Social Security and Medicare trustees projected in their 2018 annual report released earlier this month.

They estimated that the combined trust funds for Social Security will run out of money in 16 years. Then Social Security will be able to pay only 79% in benefits.

Social Security was always supposed to be just part of a retired person’s income. Unfortunately many people rely on it for the majority or all of their income needs in retirement. Having only one source of income can be risky.

 

Thankfully, there are strategies that can help to put you in a better position. I enjoy helping people that are getting ready to retire or who are already retired to have a financial plan in order to help them accomplish their important life goals.  Generally these are people in their 50’s, 60’s and 70’s in age. Many of my clients enjoy traveling, having fun, being with family and friends, and helping others.

There are a number of different ways to generate retirement income in addition to Social Security which can include:
– Annuites which can offer many different options. This is why working with a financial professional can help you sort through everything to find the best for your situation.
– Dividends from stock investments which can provide an income stream.
– Systematic withdrawals from your account. 4% used to be known as the safe withdrawal rate. Many now consider this percentage to be lower.
– Rental income from real estate or apartments.
– Part time business (use your knowledge from your working years)
– Part time job (think of working on a golf course or in a craft shop for a few days each week or month)

The list can go on and on. The point is that in retirement, it can be important to have a plan in place and to work with a financial professional. The future of Social Security might be a bit uncertain, but your financial future does not have to be this way.

About Mike Riedmiller

Mike Riedmiller is the President of Riedmiller Wealth Management, an independent financial firm that is free from the product-focused, sales-driven environment that can be prevalent at large financial institutions. 

– Fiduciary Financial Advisor 
 
– Best-Selling Author of the book “The Road To Success”
 
– Creator of the “Smart Money Planning” Educational Course
 
– Forbes BrandVoice Contributor
 
Mike Riedmiller focuses on retirement planning and wealth management. He believes it is more important than ever for people to be educated about money and their financial options so they can secure their financial futures.
 
Mike Riedmiller works with a large team of financial professionals that have decades of combined experience. His goal is to build long-term relationships with his clients to help them achieve their important life goals and financial objectives.
 
He attends several industry training and educational events every year from top people in finance and retirement planning. He is actively seeking additional investment strategies so he can continue to deliver the kind of results his clients have come to expect in this constantly changing world and market. Mike has read hundreds of books on the subjects of investing, business, finance, success and entrepreneurship.
 
Mike Riedmiller is committed to delivering outstanding professional service to his clients and always acting with honesty and integrity. As a Financial Professional, he has a fiduciary responsibility to always act in the best interest of each client which includes:
 
 • Complete confidentiality of all information
 • Presenting accurately all information essential to making informed decisions
 • Recommending only products that are in the best interest for each client
 • Loyalty and integrity in all relationships
 • Continually enhancing his skills and knowledge
 • Regular contact and review to insure clients objectives are always being met
Omaha Nebraska retirement planning options, IRA transfer, 401k rollover, Lincoln Nebraska investment planning, Papillion, Millard, Bellevue, La Vista, Council Bluffs
June 7, 2018 | Categories: Annuities Financial Planning Lifetime Income Retirement Goals Smart Money

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