2022 Spending in Retirement Survey: Understanding the Pandemic’s Impact on the Sources of Retirement Income
Similar to 2020, 7 in 10 said Social Security is a major source of income (Figure 8). Annual household income was positively related to reliance on Social Security as a major income source, where 82 percent of retirees with less than $30,000 in annual household income said Social Security is a major income source, as opposed to 45 percent of retirees with greater than $100,000 in annual household income. Additionally, those who are dissatisfied with retirement and those with poor self-reported health status (a score of 1, 2, or 3 on a scale of 1–10) are more likely to rely on Social Security as a major source of income (85 percent and 83 percent, respectively).
2022 Spending in Retirement Survey: Understanding the Pandemic’s Impact
Overall, more than half retired earlier than expected. The most common reasons for retirement were the ability to retire from an affordability standpoint (29 percent) and having a health problem or disability not related to COVID-19 (21 percent).
Saving money offers numerous benefits.
Enhancing Financial Security: Saving money is a financial safety net for emergencies, unexpected expenses, or income fluctuations. This can help you evade high-interest debts like credit card debts and provide financial security.
Let our financial advisors help you save more for retirement.
A financial advisor can help you create a personalized retirement plan that considers your specific financial goals, risk tolerance, and time horizon. They can also guide retirement savings vehicles such as 401(k) plans, IRAs, and annuities and help you select appropriate investments for your retirement portfolio.
Financial planning is essential at any age, but it becomes especially critical when you reach your 50s.
Overall, financial planning in your 50s is about maximizing your retirement savings and ensuring you're on track to achieve your retirement goals. Our financial advisors can help you navigate the complexities of retirement planning and create a plan tailored to your specific needs.
What are you saving for? Whatever it is, we can help keep you on track
Financial Freedom: Saving money can also lead to financial freedom. By having enough savings to cover your expenses, you can make choices about your career or lifestyle that you wouldn't have been able to make otherwise.
Retirement can be a challenging time for many people, and retirees face several potential risks.
Here are some of the key risks:1. Inflation Risk: Inflation is the increase in the cost of goods and services over time, and it can erode the purchasing power of retirees' savings. This means that retirees may need to withdraw more money from their retirement accounts to maintain their standard of living, which can be a challenge if their savings are insufficient.
Retirement planning is essential to ensure people have sufficient financial resources to support themselves during their retirement years.
Here's a timeline that shows when people should start planning for retirement and what steps they should take at each stage:
Income planning is essential to retirement planning
Income planning is essential to retirement planning, as it helps ensure you have enough money to support yourself during your retirement years. Here are some key considerations when planning for income in retirement:
How to Protect Your Retirement From Market Volatility
Protecting your retirement from market volatility is crucial because the value of your investments can fluctuate dramatically in a short period. Here are some tips on how to protect your retirement from market volatility:
Are you seeking a safe and secure place to grow your retirement savings?
Are you seeking a safe and secure place to grow your retirement savings? Look no further! At Duncan Williams Asset Management (DWAM), we specialize in helping people like you find a new home for their 401k. DWAM is locally owned and committed to making our community a better place for everyone. And our home is your home.
IRS Announces Record Increase To Retirement Plan Limits For 2023
WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023 in Notice 2022-55PDF, posted today on IRS.gov.