Retirement FYIs

 

 

 

 

 

• Americans are giving up their full retirement benefits because they are fearful of Social Security running out of money.  Only 10% of working Americans will wait until they are 70 years old to enjoy the maximum payments. *  This includes 17% of people who are near retirement age. ^**
• The average retiree receives $1,837.29 each month as of June 2023. ²
• Inflation is causing anxiety for workers and retirees:
  • 84% of workers and 67% of retirees are concerned that the increasing cost of living will make it harder for them to save money.
  • 40% of working people and 30% of retirees are unsure if their money will be able to keep up with inflation in retirement.
  • 73% of workers and 58% of retirees worry they will have to make sizeable spending cuts due to inflation.

 

^* 2023 Schroders U.S. Retirement Survey

^** Source: Social Security Administration