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Boomers are Retiring. Have They Saved Enough?
Living on Social Security alone is a tough slog, as the program replaces a mere 40% of preretirement income. Maurie Backman explains that following the well known 4% rule and starting with $202k is still likely not good enough. That total sum would yield a little less than $8,100 a year in income. That $8,100 on top of the the average Social Security monthly payment of $1,557 a month would generate an annual income of about $26,800– not a lot of money at all. Backman concludes boomers are in trouble. Read full piece here.
The Association of Mature American Citizens (AMAC) has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act”. One of its several components is Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. Learn more about AMAC’s Social Security Guarantee here…