Most Retirees Will Not See Full COLA in 2012 Social Security Checks

“It is evident that Americans can no longer rely solely on Social Security and pensions to provide guaranteed income through retirement,” said Cathy Weatherford, chief executive officer of the Insured Retirement Institute, Washington, commenting on the bureau’s announcement. “It is vitally important for all Americans to create holistic retirement plans that will truly guarantee retirement income.

“As an historic number of Americans approach retirement, we are seeing growing uncertainty in sources of retirement income that have traditionally been considered a ‘guarantee,’ such as Social Security and pensions,” she added. “This has left many boomers concerned about retirement.”