Changes in Social Security to Cause Economic Challenges

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Most U.S. retirees will face economic challenges, according to a new GAO report. Changes in Social Security, employer-sponsored pensions, retirement savings plans and individual savings make it hard to plan for and manage retirement, says the report. Other findings: 34% of households age 65 or over receive 90% or more of their income from Social Security. It now replaces about 40% of an average wage earner’s income after retiring. Most advisors say retirees will need 70% or more of pre-retirement earnings to live comfortably. See it here:

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