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While you're right not to count on Social Security to take you through your golden years, neither should you brush it aside.
While you're right not to count on Social Security to take you through your goldenyears, neither should you brush it aside, says David K. Sebastian, a financialplanner in Parsippany, NJ. Despite what changes Social Security may later undergo,it will likely still provide an important benefit to most people, even high-earningprofessionals like doctors. Using figures from Vanguard, Sebastian says that a66-year-old man who is eligible for the full Social Security benefit of $2,116in 2007 would have to pay about $420,000 for an annuity that would provide himwith that much a month for life (including annual adjustments for inflation).A woman the same age would have to come up with approximately $468,000, becauseof her longer life-expectancy. Those are both serious amounts of money and themain reason, Sebastian says, not to dismiss the value of Social Security whenyou sit down with your adviser to map out your financial future.