Retirement FYIs

Aug 29, 2023 | Articles






  • 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


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