Why your Social Security check could be less than you expect

Advisors


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.”

More from Fixed Income Strategies:
Where the bonds are: The outlook for fixed income
Annuity illustrations aren’t always what they seem
Passive investing hums with activity as ETFs evolve

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.



Source link

Products You May Like

Articles You May Like

JD.com’s second-quarter revenue soars 31.2%, but misses estimates
Global turmoil shows the US is still the safest place for your money
Crypto investors should rethink giving out their phone numbers
How to avoid hidden retirement fees
Crypto hedge fund Pantera on track to raise $175 million 

Leave a Reply

Your email address will not be published. Required fields are marked *