Overview
- Official projections show Social Security and Medicare trust funds roughly eight years from insolvency, risking about a 23% across-the-board cut by 2033 without legislation.
- Bankrate finds 52% of workers expect to rely on Social Security for necessities, yet the average retired-worker benefit was about $2,008 per month as of August 2025.
- More than half of baby boomers hold under $250,000 in retirement assets, and the share of Americans over 65 who work has nearly doubled since the mid-1980s to almost 20%.
- An ALI report identifies a fragile foundation for Gen X, with median retirement savings of $6,000 for women and $13,000 for men and only 14% covered by traditional pensions.
- Experts point to practical steps such as delaying Social Security, cutting housing costs or downsizing, and using 2026 catch-up rules that lift IRA limits to $8,600 and 401(k) totals to $32,500, with an $11,250 special catch-up for ages 60–63.