The balance here is that the longer you wait to take Social Security, the more you will likely have to draw on your IRA to replace that income. This will reduce your overall principal. However, in trade, the longer you wait the higher your lifetime benefits will be. For comparison, let's assume a retirement until age 95 (33 years). Here is how much money you would withdraw from your IRA to generate an $80,000 annual income, based on taking benefits at age 62, 67 and 70. (Don't worry that this is a lot more ...

All right, we got two key data points out today that affect your finances. Inflation hit 3% annual rate in September, and based on CPI data, Social Security benefits will increase 2.8% next year for more than 71 million Americans. But a lot of people have not factored in inflation or government benefits into their retirement planning.Sharon Eper joins us now with some exclusive reporting on these survey reports. Uh that the results that show not only it's an issue in the US, but it's an issue for investors ...

Core Insights - A recent survey indicates that younger Americans, particularly Generation Z and millennials, are increasingly doubtful about the reliability of Social Security as a primary income source during retirement [2] - Only 5% of Generation Z and 16% of millennials with 401(k) plans believe Social Security will be their main income source upon retirement, prompting a shift towards personal investments and 401(k) plans [2] Summary by Category Survey Findings - The survey conducted by Cerulli reveals a significant lack of confidence among younger generations regarding Social Security [2] - The statistics show that merely 5% of Generation Z and 16% of millennials with 401(k)s expect Social Security to be their primary income source in retirement [2] Behavioral Trends - In response to their skepticism about Social Security, younger Americans are increasingly focusing on personal investments and 401(k) plans as their main financial strategy for retirement [2]

A major COLA announcement is going to impact about 75 million Americans next year. I'm not talking about the soda. I'm talking about the Social Security cost of living adjustment for 2026.Starting in January, if you receive Social Security benefits or supplemental security income payments, you're going to see a 2.8% increase in your monthly benefits. Now, this adjustment is based on government inflation data. And on average, Social Security retirement benefits will increase by about $56 a month next year.So ...

The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment increase in their benefits in 2026, up slightly from this year’s 2.5% increase, reflecting the upward creep in inflation.Read more: https://t.co/lLDeeGe3QP https://t.co/73pamICDV0 ...

Nearly 71 million Americans will see their Social Security checks increase by 2.8% next year https://t.co/teilnqDUs8 ...

Many Americans are worried they won’t have enough money to retire. As living costs rise, nearly one-third (30%) of Americans are not confident they will be able to cover day-to-day expenses for the remainder of their lives, and 63% of Americans believe the dream of retiring between the typical ages of 65 and 70 is unattainable, a recent TIAA survey found. Find Out: Dave Ramsey Warns: This Common Habit Can Ruin Your Retirement Read Next: 25 Places To Buy a Home If You Want It To Gain Value However, money e ...

Key Points The 4% rule is designed to help ensure that people don't deplete their retirement savings too soon. The rule makes certain assumptions about spending that may not apply to you. It's perfectly okay to stray from the 4% rule as long as you have a plan. The $23,760 Social Security bonus most retirees completely overlook › There's a reason so many people push themselves to save for retirement. You may end up needing a lot more than Social Security once your career comes to a close and you ...

Why was there a big jump this year in the number of Social Security beneficiaries?@foxjust investigates (via @opinion) https://t.co/WkpmdQW0De ...

Key Points Common retirement advice is to wait until age 70 to claim Social security to maximize your lifetime benefits. Optimizing lifetime Social Security benefits can't be the only goal in retirement planning. Claiming earlier may allow you to enjoy your retirement sooner and keep your budget manageable. The $23,760 Social Security bonus most retirees completely overlook › Standard retirement advice is to wait as long as possible before claiming Social Security retirement benefits. For every m ...