Social Security Will Not Provide Sufficient Retirement Income - PlanSponsors
The latest research from Vanguard found that Social Security will not provide adequate retirement income for low-income workers. The report states, “The goal for an average saver is to replace at least 70% to 85% of pre-retirement income in retirement, but the sustainable income replacement rate.” The report estimates that Social Security replaces anywhere from 18 percent of high-wage earners’ income to 62 percent of lower-wage earner’s income. Remy Samuels reports on the findings and what policy makers and plan sponsors can do to help low-income workers address their retirement savings shortfall. Read Ms. Samuel’s article here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.