Written by: Lynn Phillips-Gaines, CFP®, CLTC
Published in Starkville Daily News on Sunday, April 4th, 2021.
The Social Security Administration has announced a cost of living adjustment (COLA) to recipients’ monthly Social Security and Supplemental Security Income (SSI) benefits. More than 69 million Americans will see the 1.3% increase in their payments beginning in January 2021.
This WSJ article goes in our file of examples of clients who had investment ideas that went wrong. Surprisingly, it is a Starkville, Mississippi written piece in The Wall Street Journal about the downfall of tree farmers relying exclusively on timber crops for retirement money.
Here’s a number that will knock your socks off: $400 trillion.1
By 2050, the retirement savings shortfall in eight of the world’s largest economies is expected to reach $400 trillion, according to estimates from the World Economic Forum (WEF). The shortfall is the difference between the amounts of money retirees may receive from government and/or employer pensions and individual savings. The amount they need to replace 70 percent of their pre-retirement income is also factored in.1