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Social Security by the Numbers

Social Security by the Numbers

61 Million

The number of people who received monthly Social Security benefits in 2016.

 

$19,803

The amount of Social Security benefits a 66-year-old with "average earnings" who retires in 2017 receives.

 

8%

The amount your benefits will increase annually if you delay retirement from your eligible age to age 70.5.

 

67

Retirement age to earn Social Security benefits for those born in 1960 or later.

 

66%

The number of late boomers say they are concerned about the future of the program and their ability to receive benefits.

 

95%

The number of people currently receiving Social Security benefits report it's important to their monthly income. 85 percent of people not receiving it yet say it will be important to their income in the future.

 

65%

The number of Baby Boomers plan to work past age 65 — or do not plan to retire at all. 😞

 

62% 

The number of Baby Boomers who plan to continue working say they'll do so for the income or health benefits of their jobs.

 

21%

The number of Baby Boomers expect to stop working immediately upon reaching retirement age. 

 

Although these numbers are a bit shocking, they are a sign that the time to start planning is now.  Are you contributing to a 401(k) program? How do you know if you are making the right allocation choices. Let us help you. We're experts at what we do. 

 

Call Jeff Best, Certified Financial Planner™ at (614) 839-2090 ext. 105 to talk about getting started on your plan. 

 

Contact us Today about Affordable 401(k) Investment and Retirement Advice

 

Sources:

1. Actuarial Status of the Social Security Trust Funds, July 2017. https://www.ssa.gov/policy/trust-funds-summary.html

2. Annual Scheduled Benefit Amounts For Retired Workers — 2016 OASDI Trustees Report. https://www.ssa.gov/oact/tr/2016/lr5c7.html

3 . Actuarial Status of the Social Security Trust Funds, July 2017. https://www.ssa.gov/policy/trust-funds-summary.html

4. Retirement Planner: Benefits By Year Of Birth. https://www.ssa.gov/planners/retire/agereduction.html

5. Retirement Planner: Delayed Retirement Credits. https://www.ssa.gov/planners/retire/delayret.html

6. National Academy of Social Insurance, Americans Make Hard Choices on Social Security: A Survey with Trade-O Analysis, October 2014 https://www.nasi.org/sites/default/files/research/Americans_Make_Hard_Choices_on_Social_Security.pdf

7. National Academy of Social Insurance, How Will Boomers Affect Social Security? August 2016.

https://www.nasi.org/learn/socialsecurity/boomers

8, Transamerica Center for Retirement Studies, 15th Annual Transamerica Retirement Survey, December 2014.

https://www.transamericacenter.org/docs/default-source/resources/

center-research/tcrs2014_sr_baby_-boomers_and_employers.pdf

9. Center for a Secure Retirement

10.  Years After the Crisis: Middle-Income Boomers Rebounding But Not Recovered,

February 2017.

http://www.centerforasecureretirement.com/media/399673/174406_csr-report-jan-2017_final.pdf