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Search resuls for: "Nationwide Retirement Institute"


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Workers who pay into Social Security while they're working should expect benefits from the program when they retire. Yet 72% of adults worry Social Security will run out of funding in their lifetimes, a new survey from Nationwide Retirement Institute finds. Meanwhile, 23% do not expect to receive even a dime of the Social Security benefits they've earned. However, fears that Social Security benefits may dry up completely are overblown, experts say. Nevertheless, Americans shouldn't worry Social Security will disappear.
Persons: they've, Millennials, Xers, Harris, Vance, David Blanchett, We're, Blanchett, Joe Elsasser, CNBC.com, Elsasser Organizations: Workers, Social Security, Nationwide Retirement Institute, Finance, GOP, Social, Security, DC Solutions
Kevin Lamarque | ReutersWhen it comes to the November election, there is one issue that is at the top of voters' wish lists: Social Security. It polled 1,831 adults age 18 and up who "currently receive or expect to receive Social Security." Experts say the post likely refers to the taxes Social Security beneficiaries may owe on their benefit income. Exactly how much Social Security beneficiaries pay in taxes is based on their "combined income," which includes adjusted gross income, nontaxable interest and half of their Social Security benefits. Yet in a March CNBC interview, Trump said he would consider cutting "entitlements," which may refer to Social Security, Medicare or Medicaid.
Persons: Kevin Lamarque, Emerson Sprick, Biden, Joe Biden, Nathan Howard, Sprick, Robyn Patterson, Patterson, Trump, Donald Trump, Elizabeth Frantz, CNBC's, Harris, Kamala Harris, Megan Varner Organizations: Reuters, Social Security, National Institute on Retirement Security, Nationwide Retirement, Social, White, Medicare, Trust Fund, Congressional Republicans, Security, Biden, CNBC, U.S, Center, Getty Locations: Falls Church , Virginia, U.S, Russia, Washington , U.S, Harrisburg , Pennsylvania, Georgia, Atlanta , Georgia
Nevertheless, 75% of adults ages 50 and up believe Social Security will run out in their lifetime, a 2023 Nationwide Retirement Institute survey found. When people claim Social SecurityMoreover, data shows retirees often don't wait until they are able to receive 100% of the benefits they've earned. The full retirement age is generally between 66 and 67, depending on an individual's birth date. For every year beneficiaries wait past their full retirement age up to age 70, they stand to get an 8% benefit increase. Every month increases your benefitsNevertheless, experts say it's still generally best to delay claiming retirement benefits.
Persons: Emerson Sprick, they've, , Warren Buffett's, Suzanne Shu, John Payne, Teresa Ghilarducci, Sprick Organizations: Security, Center, Social, Institute, Social Security Administration, Finance, Cornell University SC Johnson College of Business, Duke University Fuqua School of Business . Workers, The New School for Social Research, CNBC Locations: New
Now, there's another risk on the horizon that may stoke their worries — the 2024 elections. Almost half of investors — 45% — surveyed by Nationwide Retirement Institute believe next year's presidential and congressional contests will have a greater impact on their retirement plans and portfolios than market performance. More than two-thirds — 68% — of Republican investors believe the election outcome will have a direct and lasting impact on the stock market, versus more than half — 57% — of Democratic investors. Older investors are most fearful because of the lasting impact a recession may have on their retirement. What moves experts recommend Financial advisors also believe the election may have consequences for the markets, Nationwide's survey found.
Persons: stoke, Eric Henderson, that's, Henderson, Preston Cherry, Donald Trump, Ron DeSantis, Chris Christie, Organizations: Istock, Nationwide Retirement Institute, Finance, Nationwide, Social Security, Social, Financial, Republican, New Locations: Florida, New Jersey
The subject of Social Security was largely left untouched in the first Republican presidential debate. But worries about the future of the program loom large in Americans' minds, a recent survey from the Nationwide Retirement Institute shows. To that point, 75% of individuals age 50 and up worry Social Security will run out of funding in their lifetimes, according to the survey of 1,806 individuals taken between May and June. The program's combined funds are due to run out in 2034, at which point 80% of benefits will be payable, Social Security's trustees have said. "You've got people on this stage that won't even talk about Social Security and Medicare," former Vice President Mike Pence said during Wednesday's Republican primary debate.
Persons: servicer, , You've, Mike Pence, Pence Organizations: Social Security, Nationwide Retirement Institute, Social, Finance, Republican, CNBC
If you're worried about market volatility, financial planner Alex Alba recommends moving your money out of the stock market. Put one to five years worth of expenses in a CD or high-yield savings account instead. The remaining amount can be split up in these three places, if you're worried about a recession that could cause big swings in the stock market. High-yield savings accountAlba's next recommendation is to move some of your retirement nest egg into a high-yield savings account. However, money kept in high-yield savings accounts isn't going to decrease in value the same way that money in the stock market might during volatile periods.
As the cost of retirement rises, many Americans will work later in life than previously planned. Funeral homes and fishing are among the 10 industries with the highest share of older workers. A survey for Nationwide Retirement Institute conducted by Edelman Data & Intelligence also suggests some older workers may have to consider delaying their retirement plans. The rising cost of retirement could mean at least 60% of boomers will enter retirement age without sufficient savings, Boston University economist Laurence Kotlikoff previously told Insider. As Americans continue living longer and struggle to accumulate retirement savings, the 65-and-older share of the workforce is likely to rise further.
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