40% of Americans Will Regret This Retirement Move - AMAC & The Motley Fool
Kailey Hagen cites a new fascinating study about how people think about retirement. The Transamerica survey didn’t say that respondents weren’t saving for retirement, only that they preferred not to think about retirement investing until they were closer to their retirement date. But, when you start saving later, you have to set aside more of your own money each month to retire when you’d like. You would end up contributing over $50,000 more of your own money if you put retirement savings off until 30 as opposed to starting at 25, and you could cost yourself even more if you wait even longer to begin. Since Social Security replaces a mere 40% of pre-retirement income, experts are always advising to start saving as much as possible, as soon as possible. Read full article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.