Social Security: In Our Time – Duncan Financial Group
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Millennials Redefining Retirement
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Take Steps to Protect Your Confidential Docs
May 28, 2024
Millennials Redefining Retirement
June 5, 2024
Social Security: In Our Time

Social Security: In Our Time

$152K

The average amount that Baby Boomers have saved for retirement.

80%

The amount of your current income that most experts agree you’ll need annually during retirement.

42%

of Baby Boomers say Social Security will be their primary source of income during retirement.

$1,555

The average monthly Social Security benefit-less than half of the average monthly wage in the United States.

67

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

8%

The amount your benefits will increase annually if you delay retirement from your eligible age to age 70.

Only 19 percent of people currently working have a written retirement strategy.

Understand how Social Security fits into your retirement by scheduling a meeting to speak with one of our financial professionals.

Sources

    1. Collinson, Catherine, Patti Rowey, and Heidi Cho. “19th Annual Transamerica Retirement Survey: A Compendium of Findings About U.S. Workers.” Transamerica Center for Retirement Studies. December 2019. www.transamericacenter.org.
    2. “How Much Will You Spend in Retirement?” Fidelity, 2021. September 24. www.fidelity.com/viewpoints.
    3. “Fact Sheet.” Social Security Administration. June 2021. www.ssa.gov.
    4. “Median Usual Weekly Earnings of Full-Time Wage and Salary Workers by Sex, Quarterly Averages, Seasonally Adjusted.” Bureau of Labor Statistics, 2021. October 19. www.bls.gov.
    5. “Retirement Benefits.” Social Security Administration. Accessed January 2022. www.ssa.gov.