Why your Social Security check could be less than you expect


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

iRobot shares plummet after-hours as the company expects major hit from tariffs
Automakers turn rivals into frenemies to share cost of new technology
Consider the jobs being wiped out by technology
When it comes to difficult financial tasks, few people ask for help
A college degree is worth more in some cities than others

Leave a Reply

Your email address will not be published.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