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Myths and Facts about Social Security

December 10, 2015

Myth: Social Security will providemost of the income you need inretirement.Fact: It's likely that Social Security will provide asmaller portion of retirement income than you expect.

There's no doubt about it--Social Security is animportant source of retirement income for mostAmericans. According to the Social SecurityAdministration, more than nine out of ten individualsage 65 and older receive Social Security benefits.

But it may be unwise to rely too heavily on SocialSecurity, because to keep the system solvent, somechanges will have to be made to it. The younger andwealthier you are, the more likely these changes willaffect you. But whether retirement is years away orjust around the corner, keep in mind that SocialSecurity was never meant to be the sole source ofincome for retirees. As President Dwight D.Eisenhower said, "The system is not intended as asubstitute for private savings, pension plans, andinsurance protection. It is, rather, intended as thefoundation upon which these other forms of protectioncan be soundly built."

No matter what the future holds for Social Security,focus on saving as much for retirement as possible.You can do so by contributing to tax-deferred vehiclessuch as IRAs, 401(k)s, and otheremployer-sponsored plans, and by investing instocks, bonds, and mutual funds. When combinedwith your future Social Security benefits, yourretirement savings and pension benefits can helpensure that you'll have enough income to see youthrough retirement.

Myth: Social Security is only aretirement program.Fact: Social Security also offers disability andsurvivor's benefits.

With all the focus on retirement benefits, it's easy tooverlook the fact that Social Security also offers

protection against long-term disability. And when youreceive retirement or disability benefits, your familymembers may be eligible to receive benefits, too.

Another valuable source of support for your family isSocial Security survivor's insurance. If you were todie, certain members of your family, including yourspouse, children, and dependent parents, may beeligible for monthly survivor's benefits that can helpreplace lost income.

For specific information about the benefits you andyour family members may receive, visit the SSA'swebsite at www.socialsecurity.gov, or call800-772-1213 if you have questions.

Major Sources of Retirement Income

Source: Fast Facts & Figures About Social Security,2015, Social Security Administration

Myth: If you earn money after youretire, you'll lose your Social Securitybenefit.Fact: Money you earn after you retire will only affectyour Social Security benefit if you're under fullretirement age.

Once you reach full retirement age, you can earn asmuch as you want without affecting your SocialSecurity retirement benefit. But if you're under fullretirement age, any income that you earn may affect

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Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2015

This information, developed by an independent third party, has been obtained from sources considered to be reliable, but Raymond JamesFinancial Services, Inc. does not guarantee that the foregoing material is accurate or complete. This information is not a complete summary orstatement of all available data necessary for making an investment decision and does not constitute a recommendation. The informationcontained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. Thisinformation is not intended as a solicitation or an offer to buy or sell any security referred to herein. Investments mentioned may not be suitablefor all investors. The material is general in nature. Past performance may not be indicative of future results. Raymond James Financial Services,Inc. does not provide advice on tax, legal or mortgage issues. These matters should be discussed with the appropriate professional.

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the amount of benefit you receive:

• If you're under full retirement age, $1 in benefitswill be withheld for every $2 you earn above acertain annual limit. For 2016, that limit is $15,720.

• In the year you reach full retirement age, $1 inbenefits will be withheld for every $3 you earnabove a certain annual limit until the month youreach full retirement age. If you reach fullretirement age in 2016, that limit is $41,880.

Even if your monthly benefit is reduced in the shortterm due to your earnings, you'll receive a highermonthly benefit later. That's because the SSArecalculates your benefit when you reach fullretirement age, and omits the months in which yourbenefit was reduced.

Myth: Social Security benefits are nottaxable.Fact: You may have to pay taxes on your SocialSecurity benefits if you have other income.

If the only income you had during the year was SocialSecurity income, then your benefit generally isn'ttaxable. But if you earned income during the year(either from a job or from self-employment) or hadsubstantial investment income, then you might haveto pay federal income tax on a portion of your benefit.Up to 85% of your benefit may be taxable, dependingon your tax filing status (e.g., single, married filingjointly) and the total amount of income you have.

For more information on this subject, see IRSPublication 915, Social Security and EquivalentRailroad Retirement Benefits.

What Is Your Full Retirement Age?

If you were born in: Your full retirement age is:

1943-1954 66

1955 66 and 2 months

1956 66 and 4 months

1957 66 and 6 months

1958 66 and 8 months

1959 66 and 10 months

1960 and later 67

Note: If you were born on January 1 of any year, referto the previous year to determine your full retirementage.

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