A Nationwide Financial survey on Social Security from earlier this year yielded some interesting findings. It compared retirement perceptions and reality, and after reading the statistics, you’ll probably shudder like I did. If you take nothing more from this post make it this – save for retirement early and often!
Here we go, buckle up.
83% of retirees take Social Security benefits earlier than full retirement age (currently 66)
38% needed the money
30% had health issues
About 25% had their hands forced through a job loss
36% of future retirees plan to work in retirement – only 1% actually do
24% will take benefits early because they fear Social Security insolvency before their full retirement age
Future retirees expect Social Security to cover 52% of expenses – it actually only covers 40%
21% say Social Security alone should be enough to live comfortably in retirement
25% are relying exclusively on Social Security for retirement income
So we’ve got an environment where people are forced to take benefits early, the funding for it all is projected to run out in 2033 and some people are completely relying on it to live.
It’s much worse than any Halloween ghoul. Like I said earlier, save for retirement early and often. Believe me, a funded and comfortable retirement is the best treat you can give yourself.