You may be disappointed with the size of your Social Security check in retirement.
To that point, 27 percent of retirees said their payments are less than they expected, according to the latest Social Security survey conducted by Nationwide Retirement Institute.
At the same time, aspiring retirees said they expect to receive $1,628 per month on average. But current retirees are receiving an average of $1,257 per month.
That 30 percent difference can be a really big deal for retirees who do not anticipate that shortfall, according to Tina Ambrozy, president of sales and distribution at Nationwide.
“There’s a huge disconnect between what those folks who are approaching retirement believe their retirement will cover and what it will cover,” Ambrozy said. “The gap is pretty significant.”
That comes as income from Social Security benefits is expected to be a large chunk — if not the main source — of funds for many retirees. More than half of the individuals surveyed — 55 percent — said Social Security benefits will be their main source of income in retirement.
Those survey results come from 1,013 individuals ages 50 and up.
Before you retire, there are several things you can do to bridge your Social Security confidence — and income — gap.