Donald Trump's plans for massive deportations, tariffs and tax cuts would drain the program's trust fund, a new report says.
The challenge is keeping a retiree's taxable income as low as possible.
Planners talk about how to cope with high prices and limited income growth during retirement.
Consumer advocates argued that the boost doesn't provide enough relief to senior citizens.
They want $2.1 million to retire, on average, but fall far short of that, says a Northwestern Mutual report.
They fear not having enough savings and that Social Security could be depleted, a Schroders survey says.
Financial planners say headlines telling people they need a million or more to retire do more harm than good.
While some years suggest it's better to cut down, the current environment means retirees can again draw 4%.
Middle-aged clients who are underprepared for retirement will face challenges. But all is not lost.
Just indexing the new pay rate to inflation would be a mistake.
A PGIM survey suggests even $50,000 in savings can make all the difference in a retiree's outlook.
The knowledge gap represents an opportunity for advisors, the company said.
They fear not having enough savings and that Social Security could be depleted, a Schroders survey says.
The COLA forecast has dropped from 2.63% to 2.57% last month, the Senior Citizens League said.
One analysis said such a move would cut the program's lifespan by a year and impact Medicare.
A PGIM survey suggests even $50,000 in savings can make all the difference in a retiree's outlook.
But their concerns about inflation and market volatility have eased.
The projected hike fails to keep up with a steep rise in food prices, the Senior Citizens League said.
A panel at INSITE 2024 delved into the tools and strategies for unwinding retirees' assets.
Clients with noncovered pensions can have any potential Social Security benefits reduced or eliminated.