Do You Expect to Rely on Social Security?

No images? Click here
November 26, 2024

How do you plan to pay the bills in retirement? If you hope to rely on government funds, you’re not alone: The percentage of non-retired Americans who say they expect Social Security to be a major source of income during retirement is on the rise.

Over the past two decades, that figure has grown from 25% to 35%, according to data from Gallup. At the same time, the percentage of those who didn’t think Social Security would be a factor in their retirement income at all has fallen, sliding from 18% in 2004 to 13% in 2024.

Perhaps the most unsettling thing about these findings is the underlying fear that retirement benefits may not be there when people need them. The Social Security trust fund is forecast to be depleted by 2033; without congressional action, eligible participants would only receive an estimated 79% of their benefits at that point.

So what does this mean for the roughly 4.1 million Americans who retire each year? It’s increasingly important to take ownership of your retirement future. That could include:

• Maximizing your annual 401(k) contributions
• Preparing a Roth conversion to reduce your required minimum distributions
• Establishing an annuity to guarantee fixed income

No matter what your plan looks like, you can take steps now to ensure you’re well-positioned regardless of what the future holds. 

— Jordan Chussler, investing and banking editor

P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue.

Money; Getty Images

People enrolled in debt relief programs have an average of nearly seven accounts and get, on average, settlements for 3.7 accounts with an average write-down of 33% after accounting for fees.

If you’re not using your RV all year, chances are you might not need a full insurance policy. Why would you pay for liability and collision when your vehicle is on blocks for the winter? Some of our RV insurance partners offer the option to customize your coverage when your RV is not in use. So you could still be protected against things like theft and vandalism. What’s more, opting for this type of coverage could save you over 50% annually!

Check out Money’s list of the best RV insurance providers today.

ADVERTISEMENT

• 🏛️ Is It Possible to Retire Comfortably on Social Security Alone?
• ❓ To Ease into ‘a Satisfying Retirement,’ Ask Yourself This Question
• 🎉 Retirement Plans Are Changing in 2025: What to Know

Holiday Fare

Several grocery chains are running turkey giveaways. In most cases, the birds are only free if you spend a qualifying amount at the store before the Thanksgiving deadline.

Money; Getty Images

Debt Management

Some 55% of Americans expect to pass on debt to a loved one when they die, and in 74% of cases, the amount of debt they expect to leave behind is at least $5,000.

Money; Getty Images

Stock Market

The nomination of Robert F. Kennedy Jr. to lead the Department of Health and Human Services could upend investments in pharmaceutical and health care companies.

Money; Getty Images

This newsletter is free because Money earns a commission when you click or make purchases from the links in this email and on our site. We also receive compensation for some of the products and services featured in this message. Offers may be subject to change without notice. Learn more about how we make money.

Privacy Policy • Advertise With Us • We're Hiring!

To stop receiving these emails, unsubscribe or manage your email preferences.

Copyright ©2024 Money Group, LLC. All rights reserved.

Metro Office Park Calle 1, Building 7 Suite 204, Guaynabo, Puerto Rico 00968, USA