The Real Cost of Retirement: Are You Saving Enough? Subscribe to our channel: Click here to book a complimentary 15-minute call with us: Visit our site: Click to Enroll Today here: Social Security benefits in 2023 will see the highest increase in 40 years, but will it be enough to cover the real cost of retirement? In 2023, there will be an 8.7% increase for COLA (Cost-of-Living Adjustment), up from the 5.9% adjustment in 2022. While this is a significant increase, it is still not enough to cover the cost of retirement. Not even close. The cost of retirement continues to increase, especially with inflation and rising medical costs. Experts suggest the cost of retirement is 80% of your pre-retirement income. The issue is that most Americans have a disconnect between what they think they will need during their retirement years and the actual cost of retirement. It comes down to factoring in the following: Your retirement age Your health Your lifestyle expectations On
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)