GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
Here are some of the harsh realities the survey uncovered.
When youre finished, also check out someretirement planning moves to make if you are worried about the economy.
For some, this might be the best financial move.
With the unemployment rate still low, employers may be willing to offer flexible schedules.
Some retirees appreciate that part-time work providessome structure and social interactionto their days, he said.
The harsh reality is that this is not enough to sustain a reasonable quality of life for many retirees.
Theaverage Social Security retirement benefitis a bit under $23,000 a year per beneficiary, Brokamp said.
That is a very low income for a single person.
Many government programs are available to older Americans with very low incomes, he said.
The federal government administers the Supplemental Security Income (SSI) program.
In addition, you may consider tapping into your home equity.
The majority of beneficiaries (62%) view this years COLA as insufficient, the survey found.
In addition, 66% said the Social Security COLA adjustment helped very little with key expenses.
However, Brokamp believes the rate is appropriate.
The federal government provides many measures of inflation that weight items somewhat differently.
To find themost effective wayto adjust spending, Brokamp recommends that retirees track where their money is going.
Knowledge is power, he said.
However, as the program currently stands, it will be underfunded by 2033.
Unfortunately, those trust funds are projected to run out of money in 2033.
At that point, payroll taxes will only be able to cover an estimated 79% of benefits.
Ideally, a future congress and president will come up with a solution before then.
But there are no guarantees.
More From GOBankingRates
Share This Article:
