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Today, on average, Social Security benefits may replace about 40% of a person’s pre-retirement income assuming they start collecting benefits at their full retirement age. To be in those categories your earnings are often at or near the annual maximum income subject to the Social Security payroll tax. If you had to replace $24,000 in Social Security benefits, you might need a $600,000 portfolio. If you have no idea what Social Security benefits are promised to you under current law, get an official estimate based on your average career earnings to date from the Social Security Administration. Or …17% in 2035: The cut could be reduced and delayed until 2035 if the Social Security retirement trust fund is merged with its trust fund for disability benefits.
Persons: Mari Adam, Adam, you’ll, Shai Akabas, ” Akabas, ” Adam, you’re, don’t, “ You’re, Organizations: CNN, Social Security, Security, Social Security Administration, Center, Social, IRA
That is especially the case for couples over 50 — for whom living together may seem the easier option if they have already had long-term marriages. An analysis of federal data by the Pew Research Center found that in 2016, couples over 50 represented roughly a quarter of adults living together. But while some concerns may be more urgent for older couples, here are some key questions couples of any age should consider when deciding to live together:1. Also discuss who you want to be your health care proxies. And if your partner is not your chosen health care proxy, include a medical release form in your health care directive naming them as someone who you, essentially, want by your side during a health crisis.
Persons: , Susan Brown, Mari Adam, Mari, ” Adam, Steven Rubin, Drazen Rubin Law, Adam, “ I’ve, Rubin, ” Rubin, , it’s Organizations: New, New York CNN, National Center for Family, Bowling Green State University, Pew Research Center, Social Security, Medicaid Locations: New York
How not to run out of money in retirement
  + stars: | 2022-10-10 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +6 min
No one wants to run out of money before they die. That makes it difficult to figure out how much you can take every year from your portfolio and not outlive your money. But there are various rules of thumb to help you gauge a sustainable withdrawal rate. Rules of thumb for sustainable withdrawal ratesOne rule is a “percent of portfolio” withdrawal strategy. A more sustainable withdrawal rate might be 3.3%, according to Morningstar, or between 2.8% and 3.3% according to Vanguard.
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