Social Security Can’t Be Your Whole Retirement Strategy, Especially Now

Planning ahead for when you begin receiving benefits, plotting which retirement accounts to withdraw from first and considering annuities can all help.

A Social Security card is partially obscured and surrounded by cash.
(Image credit: Getty Images)

When we begin planning for retirement, we typically start with Social Security.

This is because the payments from Social Security benefits — a guaranteed income for a lifetime that increases with costs-of-living adjustments and is tax advantaged — are often the backbone of a person’s retirement income. You want to make sure you have enough guaranteed income to cover your basic expenses.

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Kelly LaVigne, J.D.
Vice President, Advanced Markets, Allianz Life

Kelly LaVigne is vice president of advanced markets for Allianz Life Insurance Co., where he is responsible for the development of programs that assist financial professionals in serving clients with retirement, estate planning and tax-related strategies.