Retirees will likely be disappointed with their social security check, here’s why

Fox Business ^ | 04/25/2018 | Jade Scipioni

[SeekAndFind]

Newbie retirees may need to lower their expectations when it comes to their Social Security checks.

According to a new survey released by the National Retirement Institute, more than a quarter (27%) of new retirees say their monthly checks are less than they expected.

What’s more, nearly two in three of soon-to-be retirees (63%) admit that they are not confident in their overall knowledge of how Social Security works.

That number is alarming because nearly one in four (26%) future retirees believe they can live comfortably on Social Security alone.

“It’s problematic that so many people are planning to rely solely on Social Security for income in retirement,” says Tina Ambrozy, president of sales and distribution at Nationwide. “There's a major disconnect between what consumers think their Social Security benefit will be – and cover – compared to reality.”

The biggest problem is that most adults think they are eligible for the benefits sooner than they actually are. The most common age to start collecting is 62, which is also the earliest age a person can do so.

But a majority (about a third) say they don’t care about withdrawing too early as many of them don’t believe Social Security will even be around when they reach their full retirement age.

According to the report, future retirees expect to receive $1,628 a month on average, but that amount is almost 30% more than what current retirees say they are collecting. Today, the average monthly rate reported is $1,257.

[SunkenCiv]

Thanks SeekAndFind.

• Benefits By Year Of Birth [changes effective 1974]

[GOPJ]

We all get a statement every year stating exactly how much we can expect from SS. It cost millions of dollars to send this out. Started under Clinton. So what is the deal with this 27%?

Maybe it's the same 27% who believe in socialism, unicorns, and happy illegals who are grateful... In short, the 'stupid' ones - the snowflakes...

[GOPJ]

Not everybody is literate I suppose. Or they have learning disabilities. Or they're Democrats. The most likely scenario is all three.

Lots of illegals - people who never got past 6th grade - are smart enough to figure out how to steal an American social security number AND collect benefits... So it seems some 'home grown' citizen receiving an annual statement of benefits in the mail should be able to 'figure it out'. This article is stupid.

[GOPJ]

I suspect the people you’re talking about are the same idiots who think ‘socialism will work’, unicorns are real and none of us should ever be ‘triggered’.

Idiots. Idiots living in a pity party delusion that everyone ‘owes’ them...