RALEIGH, N.C.-- The long term future of social security is up in the air and is sure to impact your retirement. Spectrum News anchor Caroline Blair sat down with Ken Sutherland, the founder and investment adviser for LifePlan Group.

• Sutherland tells his clients it is important to have a solid financial plan
• Sutherland suggests if you aren’t sure what your full benefits age is, you can use their calculator
• Educating yourself on the best time to tap into your Social Security is key

According to Sutherland, the Social Security Administration said, if nothing is done, money in our country will run out by 2034. 

However, he said at that time, the fund will collect enough in taxes to earn just under 80 percent of benefits. That’s why Sutherland tells his clients it’s important to have a solid financial plan.

Educating yourself on the best time to tap into your Social Security is key. According to Sutherland, taking benefits too early isn’t best for everyone. If you take Social Security before the full retirement age of 66 of 67, your benefit will be permanently reduced.   If you can hold off until you’re 70, your monthly benefits could increase by some 32 percent.

Of course financial hardships force some to draw on their Social Security early, especially if they have a health problem or a physically demanding job.  Sutherland suggests if you aren’t sure what your full benefits age is, you can use their calculator.

Sutherland also said surviving spouses are eligible for their partner’s benefits when they pass, if it’s higher than what they are currently receiving. It’s important to remember that divorced spouses must be 62 or older and unmarried before they can file a claim.

It’s also important to note, the amount of benefits you receive does not have an impact on the amount your ex or current spouse receive.