Half of Pre-Retirees Won't be Maximizing Social Security Benefits
51 percent of pre-retirees say they plan to retire at 65 or younger, which is at least a year shy of maximizing Social Security benefits for anyone born after 1943, according to a new report.
A Personal Capital survey also found that too many people are relying on Social Security. A quarter of pre-retirees surveyed said they expect Social Security to be their primary source of income in retirement, including 15 percent of Millennials and 29 percent of Gen Xers.
The report also found women fall behind men in retirement preparation. 40 percent of women said they do not have any money saved for retirement, compared with 33 percent of men. To make matters worse, 71 percent of women said they don’t know their net worth compared with 56 percent of men.
This report shows that Americans aren’t saving enough for retirement...so start saving!