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Social Security benefits are an essential part of many retirees’ budgets. In fact, 37% of male beneficiaries and 42% of female beneficiaries relied on these government payments for more than half their income in 2021. “This is a guaranteed pension that you’re going to get for the rest of your life,” says Dwain Phelps, founder and CEO of Phelps Financial Group in Kennesaw, Georgia.
