(NewsNation) — With concerns about the longevity of Social Security, homeowners are being encouraged to plan.
The Congressional Budget Office released its 10-year budget and economic outlook last month, projecting Social Security will make its payments in that time.
For those with a mortgage or debts, attorney and accountant Chad Cummings believes Social Security cannot be one’s only source of income upon retirement.
“I tell clients to plan for receiving 75 cents on the dollar and treat any amount above that as a bonus,” Cummings, of Cummings & Cummings Law, told Realtor.com.
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“Max out 401(k)s, IRAs, and consider annuities. Social Security should be seen as icing on the cake, not the cake itself,” he added.
Cummings believes those at greatest risk are making between $50,000-$90,000 annually without employer-sponsored retirement plans or an IRA.
“I see this pattern among self-employed contractors who opted out of SEP-IRA contributions to maximize take-home pay during their working years,” he said.
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