According to a study by Northwestern Mutual, seniors believe they’ll need $1.46 million to retire in 2026. This whopping number is up $200,000 from just a year ago.
As the cost of essentials like groceries, housing, and healthcare continues to rise, 46 percent of Americans say they aren’t financially prepared for retirement, while 48 percent believe they will outlive their savings.
Many seniors also feel the low 2027 COLA predictions of 2.8—3.2 percent don’t accurately reflect the true cost pressures they face. Inflation measures used to calculate the adjustment may not take into account the higher medical costs and other unique expenses that seniors experience.
Many retirees are now advocating for larger increases. Even those who are financially comfortable want what they’re due from Social Security. After all, this is a program seniors have paid into and are legally owed a return on.
Advocating for Social Security’s protection is crucial in ensuring seniors can live securely. It’s time for adjustments that reflect the true cost of living for those on a fixed income.
Are you ready for retirement? Do you have close to the savings projection mentioned here? Do you think the 2027 COLA will help close the financial gap that seniors face? Let us know in the comments!
If you want to do your part to protect benefits in the future, sign our petition.
