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May 28, 2024
Millennials Redefining Retirement
June 5, 2024Social 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
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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.