Today, retirees say they expect retirement income will be 40% Social Security and 22% self-directed retirement plans, along with a few other sources thrown in to make 100%. But future retirees say they will only count on 14% of their retirement income from Social Security to maintain their standard of living, according to research by the Employee Benefits Research Institute. The most? Those self-directed plans, mostly IRAs and 401(k) plans, will account for 48% of retirement income.
This is further proof we should plan beyond Social Security in order to enjoy the best part of our lives. Contributing consistently, even in tough markets, is the closes way we can build up our confidence that the money will be there in retirement.
