Core Insights - Most Americans believe a retirement savings goal of $1.26 million is necessary for a comfortable retirement, but having less than that does not necessarily lead to a stressful retirement life [1] Retirement Expenses - Retirees often reduce their spending over time, with couples aged 65 and older withdrawing only 2.1% annually from retirement assets of $100,000 or more, while unmarried retirees withdraw approximately 1.9% [4] - This withdrawal rate is significantly lower than the commonly referenced "4% rule" used by financial planners for retirement strategies [5] - Factors contributing to reduced spending include the elimination of commuting costs, work-related expenses, and the availability of senior discounts, along with Medicare coverage for many healthcare expenses after age 65 [5] Income Sources - A significant reason retirees withdraw less from their savings is the steady income provided by Social Security benefits, which covers about 94% of workers [6] - As of January 2026, the average monthly Social Security benefit is $2,071, providing a robust fixed income for retirees [6]

Choosing an age to begin claiming Social Security is one of the most important retirement decisions you'll make, as it will affect your monthly income for the rest of your life. You'll receive 100% of your earned benefit by filing at your full retirement age -- which is between ages 66 and 67, depending on your birth year. Claim earlier than that, and your payment will be reduced by up to 30%. By delaying benefits past your full retirement age, you'll earn up to 32% extra on top of your full benefit. Wil ...

It's not an unusual thing to choose a retirement date at some point in your career. You may decide to leave the workforce at 60, 62, 65, or at another age that works for you. But one thing you may want to do is maintain some flexibility in the context of those plans -- and postpone them just a bit. Here are three signs that retiring one year later than planned could work to your benefit. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called ...

Quick Read Social Security’s Old-Age and Survivors Insurance Trust Fund is projected to exhaust in 2032, one year earlier than the prior forecast. Higher inflation affecting cost-of-living adjustments and reduced tax revenues drives the accelerated depletion timeline. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here. You may want to have a Plan B when it comes to collecting Social Security benefits. T ...

A cost-of-living adjustment, or COLA, is meant to help Social Security benefits keep pace with inflation. But even with modest increases, retirees may still feel the squeeze. In 2026, a 2.8% COLA increased the average monthly retirement check by $56, affecting over 75 million Americans, according to the Social Security Administration (SSA). Early estimates suggest 2027 may bring a similarly small adjustment. If the Senior Citizens League predictions hold, the 2027 COLA could again be 2.8%. And some predic ...

For many Americans, Social Security serves as a financial lifeline during retirement. And whether you're single or married, those benefits may provide a large chunk of your income later in life. There are certain Social Security rules that married couples in particular need to be aware of. Here are three that may help you better plan for your retirement. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor.  ...

Part-time work has become a common way for retirees to stay engaged, supplement income or ease into retirement. But once Social Security enters the picture, even small work decisions can ripple through benefits in ways many people don’t anticipate. Retirement experts explained how part-time income interacts with Social Security rules and why timing and planning choices matter more than many retirees expect. Why ‘Just a Little Income’ Can Have Outsized Social Security Effects Many retirees assume part-t ...

Take Social Security early or late? The perennial debating point about retirement needs another look.For years, the experts have been telling us that delaying benefits to age 70 is a terrific deal. The 24% boost you get from starting at age 70 rather than 67 more than makes up, by a long shot, for forgoing three years of payouts.Is that really the case? Yes and no. It still pays to wait. But it pays a somewhat disappointing amount.Here are four questions to ponder before making a decision: https://t.co/60bD ...

Core Insights - Approximately 75 million Americans receive Social Security benefits, averaging just over $2,000 each, primarily benefiting retirees [1] - This year, recipients received a 2.8% cost-of-living adjustment, which is expected to increase the average benefit figures [1] State Variations in Benefits - Benefit amounts do not directly depend on location, but average payments vary by state due to income differences [2] - The states with the highest average monthly Social Security benefits for retirees are primarily located in the Northeast and mid-Atlantic regions, with Connecticut having the highest at $2,196 and Mississippi the lowest at $1,814 [4][11] - The average retired worker received $2,012 in monthly benefits in 2025 [4] Cost of Living Considerations - States with higher Social Security benefits often have higher costs of living, making it challenging for retirees to manage expenses [8] - For instance, Connecticut's average rent is $2,121, which is $384 more than the national average, consuming nearly the entire average Social Security benefit in the state [6] - Other states like New York and California have high living costs but relatively low Social Security benefits, complicating financial management for retirees [7] Low Benefit States - States with the lowest average Social Security benefits include Arkansas ($1,852), Louisiana ($1,818), Mississippi ($1,814), Kentucky ($1,866), and New Mexico ($1,865) [11] - These states generally have below-average household incomes but also lower costs of living, allowing Social Security checks to stretch further compared to high-cost states [10]

Core Insights - Healthcare costs significantly impact retirees' Social Security benefits, with many retirees reporting that medical expenses consume a large portion of their income [1][2]. Group 1: Financial Impact on Retirees - Out-of-pocket medical costs account for approximately one-third of a typical retiree's Social Security income and nearly a quarter of their total income [2]. - Some retirees report spending over $11,000 annually on healthcare services, including premiums for Medicare Part B and other supplements, challenging the notion of "free healthcare" under Medicare [3]. - A significant number of seniors have had to forgo medical care due to high costs, with over half of America's 55.8 million seniors skipping at least one healthcare product or service in the past year [4]. Group 2: Cost-of-Living Adjustments (COLA) - The current COLA formula is criticized for not accurately reflecting the rising healthcare costs faced by retirees, leading to a disconnect between income adjustments and actual expenses [5][6]. - The cost-of-living index used does not adequately track the specific medical expenses that retirees incur, which are a larger percentage of their yearly expenses compared to the general population [5].