Are you feeling confident that you’ll have enough money to live comfortably in retirement? If not, you’re not alone. Recent research from the Employees Benefit Research Institute and Greenwald Research shows that Americans’ confidence in their retirement savings took a hit last year, with no signs of a full recovery yet.
At Extreme Investor Network, we understand the importance of planning for your financial future, especially when it comes to retirement. With wage growth now outpacing inflation growth, there is some optimism on the horizon. However, there are still factors that can throw you off course, such as an increasing cost of living and potential changes to the retirement system by the U.S. government.
One of the biggest concerns for many Americans is the reliance on three main sources of income in retirement: Social Security, workplace retirement savings plans, and personal retirement savings or investments. While 88% of workers expect Social Security to be a source of income in retirement, a staggering 91% of today’s retirees say they depend on those benefit checks.
But changes may be on the horizon. Social Security benefits could potentially face cuts of at least 20% in the next decade if Congress does not take action to address the program’s trust fund depletion dates. Additionally, Medicare’s trust fund for Part A hospital insurance is also at risk of running out sooner.
Here at Extreme Investor Network, we believe in providing you with the information you need to make informed decisions about your financial future. Stay tuned for more updates and tips on retirement planning, investment strategies, and personal finance to help you navigate these uncertain times with confidence.
