Baby Boomers are approaching or already in retirement, yet many are unprepared for potential challenges ahead. A significant concern is the loss of Social Security's buying power, exacerbated by potential benefit cuts. Despite annual Cost of Living Adjustments (COLAs), these do not truly reflect retiree spending patterns, leading to an approximate 20% reduction in benefit value since 2010. Furthermore, experts advise that retirees should consider withdrawing smaller amounts than previous generations did, suggesting a need for smarter financial planning as they navigate a more challenging economic landscape.
Baby Boomers need to brace for reduced spending power in retirement due to potential cuts in Social Security benefits and the rising cost of living.
Social Security benefits, adjusted for inflation, have lost about 20% of their buying power since 2010, complicating the financial landscape for retirees.
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