Retirement Weekly: News and analysis for those planning for or living in retirement

This post was originally published on this site

From MarketWatch:

Raising the minimum wage to $15 could add over $100,000 to Social Security benefits for many workers: The proposal sparked controversy in Congress, with some critics arguing increasing the minimum wage from $7.25 would debilitate companies and slow hiring, but there’s one undeniable truth: Americans earning less than the payroll tax cap could see significantly more in Social Security checks upon retirement.

These retirees ditched their pricey life in Santa Cruz, Calif. — and now live on a lake in Mexico on $1,750 a month: This couple, who also retired at 38 years old in 1991, share some of their secrets.

The future of retirement isn’t doomed, but retirees may still need some serious help: Retirement accounts aren’t as low as you’d expect, but young Americans have a while to go if they want to have a high income replacement ratio (somewhere above 75% of their pre-retirement income).


To continue reading, please subscribe. Already a Subscriber? Log in