Clinton Township Newsletter

1 9 s e p t e m b e r 2 0 2 5 w h A T d o e S T h e f u T u r e o f S o c i A l S e c u r i T y m e A N f o r y o u r r e T i r e m e N T ? Social Security remains a critical component of most American's retirement plans and questions persist around its long-term solvency. While the number of Social Security beneficiaries is expected to continuously grow over the next decade, payments into the program via payroll taxes are likely to slow. This dynamic is creating anxiety for many about whether they can rely on Social Security to help fund their retirement. It can be beneficial to explore the role that Social Security may have in your retirement and how to best prepare if there are meaningful changes to the program. The future of Social Security: If you have been following financial news, you may have heard industry pundits commenting on the solvency of Social Security and its ability to pay full benefits over time. Indeed, Social Security is currently paying out more than it is taking in, which many view as problematic. In May of this year, the Social Security and Medicare Trustees released their annual report, which predicts that by 2033 assets of the program will be depleted. It is expected that in 2033, the Social Security's Old-Age and Survivors Insurance (OASI) fund will only take in 79% of tax revenue needed for benefit payments. As a result, payments under the program could be reduced by 21%1. It's widely expected that Congress may act to shore up the program before this happens, however there are no guarantees. Planning ahead can help shield your retirement income, should Social Security be unable to fully meet its obligations. Determine the role Social Security has in your retirement plan. It is important to understand where Social Security fits into your retirement plan. For many retirees, Social Security benefits provide key supplemental income because the program alone will not provide enough income to cover all essential and desired lifestyle expenses. Additionally, each individual's benefits will vary depending on their lifetime earnings and the age at which they begin taking distributions. If future payments are adjusted lower to make up for the deficit of flows coming into the fund when you retire, it may be wise to plan on utilizing other means for retirement income. Take some time to determine your desired lifestyle during retirement and the associated costs, so you can craft a Social Security plan that aligns with your retirement goals. Work with a financial advisor to adapt your retirement plan. A financial advisor can help determine the optimal payment plan for Social Security in your retirement. The age at which you begin taking distributions and where these distributions fit into the whole of your retirement plan is unique to you. An advisor can assist you in evaluating the variables that may impact the time at which you begin collecting benefits such as your health and life expectancy. With careful financial planning you can consider a variety of income producing investments that may contribute to your retirement security. How Social Security programs morph and change in future is largely outside of your control, so plan for what you can. It is never too soon to work with a financial advisor to plot various scenarios for retirement based on factors that are unique to you. Ultimately, knowing you're prepared can help you feel more confident about retirement. 1- Ameriprise Financial: "Did You Know..." May 8, 2024. Compiled by Russell T. Price, Chief Economist Michelle Heide, CFP ® , CRPC ® , BFA, is a Private Wealth Advisor with Gentlestone Wealth, a financial/private wealth advisory practice of Ameriprise Financial Services, LLC, located at 16 Leigh Street in Clinton, NJ. She specializes in fee-based financial planning and asset management strategies and has been in practice for 32 years. To contact her, go to: www. GentlestoneWealthAMPF.com or call: 908.713.6600. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP ® certification mark, the CERTIFIED FINANCIAL PLANNER ™ certification mark, and the CFP ® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Ameriprise Financial cannot guarantee future financial results. Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2024 Ameriprise Financial, Inc. All rights reserved. i A h c h c 2 0 2 5 h i g h S c h o o l S e N i o r S c h o l A r S h i p r e c i p i e N T S The Italian A m e r i c a n H e r i t a g e Club would like to extend i t s w a r m w i s h e s f o r a successful c o l l e g e experience to the recipients of their 2025 A n n u a l Scholarship P r o g r a m . T h i s J u n e t h e C l u b ' s c h a r i t a b l e foundation, a 501(c)(3) non-profit organization, awarded $30,000 in scholarships to graduating high school seniors. 2026 Scholarship info will be available in March. For general information about the Club's ongoing activities, social events, fundraising activities, annual golf outing, trips and more, visit their website: www. ItalianAmericanHC.org. General meetings are monthly (except in July and August) at the Mountainview Chalet (exit 11 off 78, Asbury) and welcomes new members! Shown L to R: Sofia DeLisle, Abigail Gioffre, Olivia Gioffre, Daniella DeLorenzo, Sophia Finiguerra, Nathaniel Gavlick, Lauren Coon, and Mia Conover. (Not pictured: Marissa Miglorino and Emilia Beard.) Hunterdon County's Hidden Gem! New Season, New Style! Autumn is when nature shows off its most dazzling colors – why not do the same? Our Fall/Winter clothing collection launches on Wednesday, September 3, featuring fresh inventory and fully stocked shelves! Shop early for the best selection. Weekly discounts pop up throughout the shop so be sure to follow us on Facebook and Instagram to stay up to date on these sales. Who knew shopping thrift could be this much fun? Donations Needed! While our Donation Shed is open 365 days a year, 7 days a week, we are now only accepting donations during the hours of 8:00 am – 8:00 pm. We kindly ask that you DO NOT leave donations outside of our shed. If the donation shed is full, please return with your donations at another time. We LOVE your donations but please only drop off useable, in working condition and clean items. Accepted items can be viewed online at www.sentforothers.org/northhunterdonthrift. The North Hunterdon Thrift Store offers new and gently used clothing, home goods, linens, children's toys, books, vintage items and more to people who want to stretch their budget or reduce waste and pollution. OPEN Monday: 8:30 am - 12 pm | Wednesday: 8:30-12 pm and 3 pm – 6 pm | Saturday: 8:30 am-2 pm Donation Shed Hours: 8:00am – 8:00pm ONLY – 7 days a week/365 days a year. 51 County Road 635, Hampton, NJ (corner of Norton Church & Charlestown Roads). Phone: 908.735-0177.

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