Millionaire Retirees – The maximum monthly Social Security retirement benefit paid to an individual retiring in 2013 at the full retirement age of 66 is $2,533. A $3 million investment earning 1% annually on a tax-deferred basis would generate $30,000 per year or $2,500 per month of taxable income. Actual results will vary with market conditions particularly for long-term investments. There is no guarantee the illustrated rate of return can be achieved. (source: Social Security). One thought for you to consider is that your Social Security benefit can be considered the fixed income part of your overall retirement asset allocation.
Did you know that Banks Must Protect Depositors’ Social Security And Other Federal Benefits From Garnishments? Many federal benefit payments are exempt from execution or similar legal process even after the payments are deposited in a bank account. Covered benefits. Protected from garnishment under the final rule are Social Security benefits, Supplemental Security Income (SSI), Veterans Affairs benefits, Federal Railroad retirement benefits, Federal Railroad unemployment and sickness benefits, Civil Service Retirement System benefits, and Federal Employee Retirement System benefits, where payment of the benefit is made by ACH direct deposit. Other federal benefit payments that are exempt from garnishment are not covered by the rule. Depositors who receive those benefit payments must continue to claim the exemption in the court or from the agency that issued the garnishment order.
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