Published on 2 Jun 2024 on Insider Monkey via Yahoo Finance
The Best Place in Utah for a Couple to Live on Only Social Security
In this article, we take a look at the best place in Utah for a couple to live on only social security. If you wish to see our full list, please switch over to 15 Best Places in Utah for a Couple to Live on Only Social Security.
The Senior Citizen’s League recently announced its COLA estimates for 2025, and to the disappointment of retirees around the US, it is projected at just 2.66%, the lowest adjustment since 2020. This comes as a blow to all retirees, but especially to those already at risk of running out of retirement savings. According to MetLife, Inc. (NYSE: MET), 91% of plan sponsors are concerned that future retirees will run out of money in retirement. Moreover, MetLife, Inc. (NYSE: MET) also reports that 71% of U.S. employees are concerned about outliving their retirement savings, up from 60% just two years ago. For those reliant on a mix of social security and savings, a lower COLA significantly compromises their ability to conserve savings whilst also maintaining their desired standard of living. To make matters worse, Social Security’s Annual Trust Fund Report 2024 shows that trust fund balances are projected to deplete by 2033. Furthermore, although any cuts to retirement and disability benefits have been pushed back by one year, there is still a significant probability that come 2035, social security benefits will be slashed significantly.