Drozd Irina / Shutterstock.com Quick Read Social Security benefits have lost around 20% of buying power since 2010. COLAs are calculated using a price index for urban wage earners and clerical workers instead of retiree spending patterns. Seniors spend more on healthcare and housing where inflation outpaces the overall rate used for COLA calculations. If you’re thinking about retiring or know someone who is, there are three quick questions causing many Americans to realize they can retire earlier ...

Core Insights - A significant portion of Americans rely heavily on Social Security for their retirement income, with 27% receiving all their income from it and another 20% getting 76% to 99% from the program [2][8] - The average Social Security benefit is projected to be $2,008 by mid-2025, which is insufficient for a comfortable retirement, leaving many retirees just above the poverty level if they do not have additional income sources [6][8] - There is a growing interest in guaranteed income sources to supplement Social Security, with 92% of TIAA survey respondents expressing this need, indicating a potential market for annuities as a solution [8] Group 1 - The reliance on Social Security is increasing due to the decline in employer-provided pensions, which traditionally offered guaranteed income [9] - Many individuals find it challenging to save for retirement, often living paycheck to paycheck, which exacerbates their dependence on Social Security [3][5] - The common recommendation for retirement income replacement is around 70% to 90% of pre-retirement income, highlighting the inadequacy of Social Security alone [6] Group 2 - The article suggests that a risk-free alternative, such as annuities, can provide a stable income to supplement Social Security benefits [4][7] - The need for additional income sources is critical as the Federal Reserve reports a sharp decline in employer-provided pensions [9]

financial services, capital markets, I mean hundreds of years old. This company was really rooted in a lot of it. And and when you think about innovating in again old industry, it's no different than with TIAA.Like I said, we invented the annuity, but how do we make sure that that 23y old or 25year-old understands that they may live to 100 years old, right. How do you engage them to say, "Hey, you don't have to understand every nuance of the sharp ratio or what asset allocation means, but you better make su ...

Annuity Basics - Annuities are tools to help generate retirement income [1] - The industry offers fixed, variable, indexed, immediate, and deferred annuities [1]

Perpetuity is a continuous stream of identical cash flows with no end, such as payments from an annuity. https://t.co/GxqMVtSGhl ...

A qualified longevity annuity contract (QLAC) is a deferred annuity that is funded from a qualified retirement account, such as an IRA. https://t.co/cyiWPNQK77 ...

Retirement Planning Strategies - Utilizing retirement savings or annuities can defer Social Security claiming until age 67 or later [1] - Delaying Social Security benefits claiming can substantially increase monthly payments [1]