Does Higher Social Security Checks Mean You Can Retire Sooner?Oct 16, 2022
Inflation has been driving the markets bananas.
The Fed is doing everything in their power to try and tame it…including trying to trigger a recession. Businesses are seeing their profit margins disappear. People are seeing their credit card payments increase, mortgage rates are skyrocketing, and for the first time in nearly 20-years the US dollar is on the rise…causing untold grief around the world.
One silver lining to inflation is Social Security Benefits.
Retirees are set to get an 8.7% boost to their monthly benefits starting in January. It is the largest increase in four decades and is a direct result of inflation.
I have one couple that I am working with for whom this is going to be a great boon and will probably help them retiree sooner than they think.
For many retirees, the increase in Social Security benefits, will take some much-needed pressure off their retirement savings. Over the last two years many people have been tapping their savings to help deal with the increased cost of living…which has effectively eroded the safety net in their retirement plans. Adding salt to injury, bonds, which many retirees counted on for “safety” has turned in to a wild feeding frenzy as the Fed has aggressively hiked interest rates.
This has led to one of the most dangerous times to retiree!
Today’s retiree faces unprecedented challenges. We have a down market, high inflation, rising interest rates, and political and economic uncertainty. Each of these factors would be perilous on its own, combine them, and you have a retirement tsunami threatening to destroy everything in its path.
Here’s What You Need to Know:
In March of 2022, I gave a prophetic webinar where I outlined exactly what is happening now in the market…and what I believe is the only solution for retirees. Take a look here.
The Bottom Line
At Yields4U, we keep up with all the changes and shifting pieces of the financial world so you can focus on enjoying your life and living a comfortable retirement. Market volatility and new limits and rules make financial planning an important task, and we are honored to continue to help you with your plan.
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