A recent Allianz survey reveals that many Americans fear outliving their retirement savings more than death itself. Despite this, several factors may allow retirees to sustain their finances better than anticipated. Social Security payments often exceed expectations, especially for higher earners, with delayed filing and cost-of-living adjustments further enhancing benefits. Additionally, retirees may experience a significant drop in expenses, such as commuting, which can lead to more manageable living costs in retirement. Planning and cautious management of savings can contribute to a more secure financial future.
The average Social Security recipient today collects $1,976 per month. Delaying filing can boost your monthly benefit for life.
Many retirees might face reduced expenses, as they can save on commuting costs and other work-related expenses.
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