Tag: Social Security

As retirees drawing Social Security income look forward to a modest increase in benefits scheduled for 2019, AARP has published a list of common Social Security misconceptions.

The Retirement Analysis Kit now includes a "bucket strategy."

Instead, workers will source funding from their 401(k), IRA or other savings vehicles. 

This year, the U.S. scored a 58.8 overall in the Melbourne Mercer Global Pension Index, up from 57.8 in 2017.says the slight increase in the U.S.’s score was due to a number of small changes in the adequacy sub-index. 

The new website is designed to be a one-stop place for investors and retirees to have their Social Security retirement questions answered, including when to claim.

This is in keeping with a rise in the DOL’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

The Spectrem study found 59% of investors said their adviser understands Social Security benefits, while 47% said their adviser is knowledgeable about Medicare.  

They are on track to replace 75% of their income, compared to 64% for Americans overall.

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.