Worried You'll Outlive Your Retirement Savings?

In a recently published BlackRock survey, 68% of Americans said they feel like they’re on track with their retirement savings. That’s up significantly from last year’s 56%. However, another 60% of respondents — which spanned Gen Z to boomers — reported worrying about outliving their nest eggs.

While retirement calculators can be helpful in estimating how much you’ll need once you stop working, there are tons of factors that are hard to account for. Health care and housing come to mind, as do the actual age of retirement and whether Social Security will still be paying out full benefits.

But the fact that more Americans are better prepared this year than last is a sign that we’re moving in the right direction. Continuing to contribute a sizable portion of your income to defined contribution plans like 401(k)s and IRAs is critical as life expectancies in the U.S. continue to climb.

— Jordan Chussler, investing and banking editor

Thanks to a positive inflation reading for June, Social Security recipients are now forecast to get a 2.63% cost-of-living adjustment (COLA) in 2025, according to one estimate. News editor Julia Glum reports that the actual, final COLA for 2025 won't be announced until October, so fluctuations in these projections are very common (and closely watched, given that roughly 68 million Americans receive Social Security payments). What sort of raise are you hoping for?

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