Schroders, the renowned asset management firm, has unveiled a trend that’s gaining momentum: a notable number of Americans are leaning towards accessing their Social Security benefits earlier.
Surprisingly, only 10% of non-retired individuals plan to wait until they’re 70 to optimize their benefits, potentially leaving substantial funds untouched for later years.
Why this shift? A significant 44% express concerns about the Social Security funds potentially depleting sooner than anticipated. And when it comes to planning for retirement, the strategies vary, with many opting for cash savings, workplace retirement plans, and investments.
But here’s an eye-opener: Nearly half of retirees seem to be improvising with their retirement income plans. Given the anticipated monthly retirement costs, it underscores the importance of thoughtful retirement planning.
For a comprehensive understanding of these insights, delve deeper into this detailed analysis.
