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Potential changes may call for a reassessment of Americans retirement plans. - Money Report in partnership with CNBC
Some things that may affect retirement plans are an increase in the cost of living and the government making changes to Social Security. A significant majority of workers expect Social Security to be a major source of retirement income. Other sources would be retirement savings and personal savings or investments.
With the possibility of Social Security trust funds running out of money in about 10 years and a cut to benefits looming at that time if nothing is done, this is one of the main concerns of both current and future retirees. See information here by Lorie Konish, CNBC published April 26, 2024 for Money Report.
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