They are on track to replace 75% of their income, compared to 64% for Americans overall.
Tag: Social Security
But more than half of pre-retirees expect to hold down a job, PGIM found in a survey.
This is especially a concern, as only 20% believe they are saving adequately for retirement.
More than one-third of Gen Xers and Millennials have no retirement savings, and although many expect to rely on Social Security for a major portion of retirement income, they have no intention of maximizing their benefits, a survey finds.
A mere 21% feel confident about drawing down their retirement plan assets, Ameriprise Financial found in a survey.
Yet, only 13% of workers have discussed Social Security with an adviser.
In a frank conversation with PLANADVISER, Andrew Biggs points to some common misconceptions about retirement income replacement among lower income groups.
Commenting on new Social Security deficit projection figures published this week, Rob Fishbein, corporate counsel at Prudential Financial, says it’s not time to hit the panic button yet—but it is time to take very seriously the retirement income challenge individuals face.
Among those who have made an estimate, the median amount is $650,000, Bankrate.com learned in a survey.
The Social Security OASI Trust Fund is projected to become depleted in late 2034, as compared to last year’s estimate of early 2035.
A survey finds that to prevent future retirees from challenges, governments and employers will have to step up to the plate.
About one in three Americans have less than $5,000 in retirement savings, and one in five have no individual private retirement savings at all, according to a new Northwestern Mutual study.
Participants who work with a traditional or online adviser are on track to replace 116% of their income. Those working with any paid adviser, 91%, and those with no adviser, 51%.
Tina Ambrozy, president of sales and distribution at Nationwide, warns of a major disconnect between what consumers think their Social Security benefit will be—and what this amount will cover—compared to reality.
Only 25% expect life to be better in retirement, Nationwide found in a survey.
Only one-third are participating in their retirement plan
Updates to the firm’s Social Security and Medicare guides, among other publications, aim to help individuals and employers make the best decisions when it comes to maximizing and coordinating private and government benefits.
The Bipartisan Policy Center and Ric Edelman announce the launch of “Funding Our Future: A Campaign for America’s Retirement Security.”
They earn less than older generations, are less likely to participate in a retirement plan, and will have to contend with longer life spans and rising health care costs.