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☆ 72% of Americans worry Social Security will run out in their lifetimes. Here's what experts say
▼ + stars: | 2024-08-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

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

☆ ‘It’s already highway robbery.’ Why people don’t wait to claim Social Security and what experts say
▼ + stars: | 2024-05-28 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

When it comes to claiming Social Security retirement benefits, experts agree it's generally best to delay. Yet many people still claim early — either at the earliest possible age of 62 or before their full retirement age. Those early claims result in reduced Social Security benefits for life. To get 100% of the benefits you've earned, you need to wait until full retirement age — between age 66 and 67, depending on your date of birth. Here's what experts say to the most common arguments for claiming Social Security benefits as soon as possible.

Persons: it's, you've, Warren Buffett's, David Blanchett Organizations: Social, Finance, CNBC, DC Solutions, Prudential Financial

☆ Why your financial advisor may not give you the best Social Security claiming advice
▼ + stars: | 2024-05-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Ascentxmedia | E+ | Getty ImagesMany people claim Social Security retirement benefits at the earliest possible claiming age of 62. Yet recent research finds working with a financial professional does not necessarily encourage individuals to claim Social Security at later ages. Why it pays to wait to claim Social SecurityWhen Social Security retirement beneficiaries claim at age 62, their benefits are permanently reduced. As the Social Security full retirement age moves to age 67, benefits available at age 62 are even further reduced. Delaying Social Security benefits is so valuable not only because of the increase to benefits, but also the annual cost-of-living adjustments tied to inflation.

Persons: David Blanchett, Jason Fichtner, Center —, " Blanchett, Fichtner, Joe Elsasser, Elsasser, they've, Blanchett Organizations: Getty, Social, Social Security, DC Solutions, Center

☆ Annuity sales hit a record in 2023. Here's what to know about one popular option
▼ + stars: | 2024-01-30 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

Fixed indexed annuity sales brought in a record $95.6 billion, up from 20% from the record hit the year prior. Indexed annuities earn interest that is calculated based on the changes within a market index, such as the S & P 500 or the Nasdaq 100. However, they also receive downside protection: They are credited zero interest if the index their annuity is tracking declines. The term of index annuities typically range from three to 15 years, according to Annuity.org . Fixed indexed annuities can also be complicated, warned David Blanchett, head of retirement research for PGIM DC Solutions.

Persons: Bryan Hodgens, Buyers, Hodges, Cannex, Melody Evans, Evans, David Blanchett, Blanchett, DIAs Organizations: Nasdaq, Cannex, Products, Insurance, TIAA, DC Solutions, FIA Locations: Connecticut

☆ Some HENRYs are saving too much for retirement — and it may backfire
▼ + stars: | 2023-11-09 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisementWhile it's rare that people are saving too much for retirement, Malani said it happens among HENRYs somewhat frequently. AdvertisementAdvertisement"If you're under the age of 40 and saving more than 20% for retirement, that's more than you might need to be saving," Blanchett said. "Saving for retirement takes some level of knowing what type of lifestyle you'll want in retirement," Malani said. There's little reason for wealthier young Americans to push back buying a home or starting a family due to anxiety about retirement saving. "For individuals that are 'over-saving,' are you not doing things that you would fundamentally enjoy because of how much you're saving?

Persons: —, Priya Malani, Malani, David Blanchett, Rowe Price, Gen, Zers, Blanchett, that's, we're Organizations: Service, Transamerica Center, Retirement Studies, DC Solutions, National Institute on Retirement Security, WealthCare

☆ High interest rates make these guaranteed-income products attractive. Here's what to know about fixed annuities
▼ + stars: | 2023-08-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

Americans have flocked to annuities for guaranteed income over the past year, as interest rates rose and investors looked for safety amid the market turbulence and recession concerns. One of the popular products has been fixed-rate deferreds which — as the name implies — provide a fixed rate for a specific period of time. "So that opportunity to get a more competitive rate on a fixed annuity is not an indefinite window." Multiyear guaranteed annuities Traditional fixed annuities typically guarantee the rate for a portion of the contract, while a multiyear guaranteed annuity, or MYGA, has a rate of return that is guaranteed over the duration of the contract. When buying a fixed annuity, investors need to figure out the term that works best for them, said Limra's Hodgens.

Persons: we've, Bryan Hodgens, Doug Ornstein, David Blanchett, TIAA's Ornstein, Ornstein, Limra's, " Blanchett Organizations: TIAA Wealth Management, Federal Deposit Insurance Corporation, guaranty, DC Solutions, Insurance, TIAA Institute, Social Security Locations: Connecticut

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