retirement

How working longer impacts your retirement

Fraying Social Security net
Next
5 of 9
Back
Fraying Social Security net

Another compelling problem is the fraying of our nation's retirement safety net -- just at the time when we need it to support a population experiencing growing longevity.

Social Security is a key part of the retirement safety net, but it will provide a smaller percentage of lifetime replacement income in the years ahead -- down from 39 percent at age 65 in 2002 to just 30 percent at 65 by 2030. This is the result of two things: 1) gradual increases in the full retirement age mandated in the last set of Social Security reforms in 1983, and 2) rising contributions to Medicare Part B premiums. It doesn't take into account possible future Social Security benefit cuts that Washington could make as the debate about federal budget deficit reduction accelerates.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.19%  0.08 4.27%
15 year fixed 3.27% --0.00 3.27%
5/1 ARM 3.36%  0.01 3.35%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.38% --0.00 4.38%
50K FICO-based HELOC 4.11% --0.00 4.11%
100K FICO-based HELOC 3.96% --0.00 3.96%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.63%  0.10 2.73%
48 month used car loan 2.91%  0.06 2.97%
60 month new car loan 3.16%  0.06 3.22%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.90% --0.00 0.90%
2 Year CD 1.10%  0.01 1.09%
5 Year CD 1.81%  0.07 1.74%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.66%  0.01 15.67%
Cash Back Cards 16.36% --0.00 16.36%
Low Interest Cards 10.86%  0.01 10.87%
 
Next
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jennie Phipps

Retirees are making it work

A survey by T. Rowe Price suggests that 65-year-olds are retired and living on less, but liking it.  ... Read more

advertisement
Partner Center
advertisement

Connect with us