A recent poll reveals that all generations feel unprepared when it comes to retirement savings — with 21% of Baby Boomers indicating that they think they lack adequate savings to cover one month of basic expenses, according to AARP.
Co-commissioned with the Association of Young Americans, the “Three Generations Survey” asked Baby Boomers, Generation Xers, and Millennials, a variety of retirement and financial security-related questions.
The age groups were consistently unsettled about their financial security in retirement, with about 40% of Boomers worrying they would not be financially comfortable once they stopped working.
The survey also looked at Social Security. While 78% of all respondents felt that funds from the program were an important source of income in retirement, 90% of Baby Boomers saw Social Security as an integral part of their retirement financial security.
According to the Social Security Administration, nine out of ten retirees aged 65 and older receive Social Security benefits. With an average monthly payment of $1,413, about $61 billion will be given out to approximately 43.1 million retired Americans in 2018.
Fortunately, Social Security isn’t the only option. The federally-insured Reverse Mortgage can give you financial security with flexibility in retirement. Senior homeowners can supplement their retirement income while keeping their Social Security benefits in place!
To learn more, we invite you to give us a call at 1-800-420-5515 to learn how to maximize your income as a retiree.