Half of Americans Think Their Quality of Life Will Decline Once They Start Collecting Social Security
Social Security serves as a critical income source for millions of retired Americans today. But those benefits have lost a lot of buying power through the years, and unless lawmakers change the way cost-of-living adjustments are calculated, their value may continue to erode over time. Throw in the fact that benefit cuts may be on the table come 2035 or sooner -- whenever Social Security's trust funds run out of money -- and it's no wonder half of Americans believe their quality of life will suffer after they start collecting Social Security. That's the latest from SimplyWise's July 2020 Retirement Confidence Index, which also found that today's 50- and 60-somethings expect Social Security to provide more than 50% of their senior income.
If you're worried your quality of life will decline once you start collecting benefits, the solution is simple: Amass a robust nest egg so you're not particularly reliant on Social Security in retirement. Otherwise, you may find that your seniors years are, in fact, plagued by financial struggles.
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Source Fool.com
