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We’re told repeatedly how important it is to save independently for retirement, but a lot of us still aren’t listening.

An estimated 33% of Americans have no money at all saved for retirement, but an even more frightening statistic is the fact that 30% of those 55 and older are in the same boat. And a big reason so many of us aren’t saving boils down to Social Security.

In fact, according to the National Academy of Social Insurance, Social Security is the sole source of income for almost 25% of Americans 65 and older.

But while it’s true that Social Security helps countless seniors stay afloat financially in retirement, there’s a real danger in relying on it too heavily. And if we don’t start taking matters into our own hands, a lot of us will risk coming up short when retirement rolls around.

The problem with banking on Social Security is that your benefits are only designed to replace about 40% of your pre-retirement income. This isn’t just an educated estimate; the Social Security Administration even says so itself.

Now you may be expecting your living costs to go down once you retire — so much so that you’ll be able to survive on Social Security alone — but in reality, that’s not likely to happen.

For one thing, you’re going to have a lot more free time on your hands, which means you might wind up spending extra on leisure and entertainment. But more importantly, you’re going to have health care to worry about, and that’s where so many seniors get thrown for a loop.

According to 2016 data from HealthView Services, a provider of healthcare cost-projection software, the average healthy 65-year-old couple retiring this year can expect to incur $377,000 in medical expenses over the course of retirement.

Younger couples have it even worse. The average healthy 55-year-old couple today could spend as much as $466,000 on health care expenses throughout retirement, while a 45-year-old couple today in similar health might rack up $592,000 in health care costs. And those are the numbers healthy couples are facing. If your health isn’t great, your expenses could climb even more.

When you think about it that way, Social Security probably won’t be enough, especially since the average recipient currently receives $1,341 in monthly benefits, or just over $16,000 a year. Even if you and your spouse each receive $16,000 a year in Social Security benefits for a total of $32,000, if you wind up spending $377,000 like the average healthy older couple over the course of a 20-year retirement, that’s $18,850 a year on medical costs alone. Subtract that figure from $32,000, and you’re left with just over $13,000 a year, or roughly $1,100 a month, to cover the rest of your expenses.

And as much as you can try to keep your living costs down, there’s just no getting around the basics like food, electricity, transportation, and housing. In 2014, the average American spent $934 a month on rent alone. If you’re in a similar boat, that means you’d be left with less than $200 a month to cover the rest of your expenses if you were to rely solely on Social Security. And that’s just not enough.

If $16,000 a year per person in retirement doesn’t sound adequate, then it’s time to start saving independently while you still have a chance. Even with retirement less than a decade away, there’s still time to amass some savings before you stop working for good. Anyone 50 or older can currently contribute up to $24,000 a year to a 401(k) and $6,500 a year to an IRA. If you can’t max out those contributions, do what you can. Saving just $250 a month over the course of 10 years will give you an extra $36,000 in retirement if your investments generate a relatively conservative 4% average annual return.

If you’re still in your 30s or 40s, you have an even greater opportunity to catch up. Saving $250 a month over the course of 20 years will leave you with $137,000 for retirement, assuming your investments generate an average annual 8% return — a reasonable assumption for younger investors who are able to get more aggressive.

Now if you’re already in your 60s and have yet to start saving, you might consider postponing retirement and working a few extra years to put some money aside. Though it may not be your ideal solution, some studies have shown that working longer could actually lead to a longer life. Another option? Work part-time in retirement to supplement your Social Security benefits.

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No matter what you do to generate extra retirement income, don’t make the mistake of depending on Social Security alone to fund your golden years. Social Security can and should play a strong role in your retirement budget, but without another source of income, you risk running out of money at a time when you just might need it the most.

CNNMoney (New York) First published November 29, 2016: 11:45 AM ET

Good news retirement savers: The Internal Revenue Service announced cost of living increases to the contribution limits for retirement-related plans in 2019.

Annual contribution limits to 401(k)s will increase to $19,000 from $18,500.

And the annual contribution to an IRA, last increased in 2013, rises to $6,000 from $5,500.

“This is another win for investors and savers,” says Stephanie Bacak, a financial planner at Capstone Global Advisors. “For so long there were really no cost of living increases in the IRA so it is a great opportunity for so many to be more prepared for retirement.”

Catch-up contributions, available to those age 50 and over, will remain unchanged at $6,000 for 401(k)s and $1,000 for IRAs.

In addition to 401(k)s, limits for 403(b)s, most 457 plans and the federal government’s Thrift Savings Plan will also increase to $19,000.

Also rising next year are the income ranges that determine eligibility for deductible contributions to IRAs, to Roth IRAs, and to claim the saver’s credit.

For example, the income phase-out range for taxpayers making contributions to a Roth IRA increased to $122,000 to $137,000 for singles and heads of household, up from $120,000 to $135,000. For married couples filing jointly, the income phase-out range is $193,000 to $203,000, up from $189,000 to $199,000.

The IRS increases are helpful, says Shane Mason, certified financial planner at Brooklyn FI, but only if you are able to make the maximum contribution.

He says those who want to continue to max out their 401(k) should revisit their contributions to make sure they’re putting in enough with each paycheck.

Those that are paid semi-monthly (twice a month or 24 times a year) should be contributing $792 per paycheck and those paid biweekly (every two weeks or 26 times a year) should be contributing $731 per paycheck.

CNNMoney (New York) First published November 1, 2018: 4:50 PM ET

How can I protect my investments against inflation?

Even as your investments increase in value, inflation can eat away at what they’re worth.

There are things investors can do to hedge the immediate effects of inflation, or earn a return that outpaces inflation over time. But it can be hard to predict.

“After-inflation returns are the only ones that matter for investors in the real world,” says Robinson Crawford, an investment adviser with Montebello Avenue.

Even if inflation is currently rising more slowly than analysts predicted, it’s better to be prepared.

Financial advisers say one of the most consistent hedges against inflation is a properly diversified stock portfolio.

Equities have historically outpaced inflation, says Sean C. Gillespie, a financial planner with Redeployment Wealth Strategies says that while there is inherent volatility in a stock portfolio, “equities are a long-term asset for your plan just like inflation is a long-term threat.”

To figure out where to put your money in the stock market, investors could look to a total return strategy that relies on equities to provide positive inflation-adjusted returns over the long term.

“Of course, investors have to accept more risk when investing in stocks and endure periods when the returns have not outpaced inflation,” says Dejan Ilijevski, an investment adviser at Sabela Capital Markets. “Although some investors may assume that higher inflation leads to lower stock performance, US market history shows that nominal annual stock returns are unrelated to inflation.”

Gold and commodities have been standard havens from inflation for investors.

“Traditionally commodities and gold have been good inflation hedges,” says Stephanie Bucko, a chartered financial analyst and co-founder of Mana Financial Life Design. But she says it is important to take into account the US dollar’s strength as part of this equation.

“We like oil exposure, as this impacts our clients on a day-to-day basis related to gas prices, but it also provides a good inflation hedge,” says Bucko, adding that we saw this in the 1970s as inflation doubled and nominal oil prices skyrocketed.

But commodity markets, for the unfamiliar, can be complex and risky.

“Commodities are volatile, more so than stocks, which means that adding commodities to a portfolio may increase real return volatility, offsetting the benefits of hedging,” says Ilijevski.

Real estate is the ultimate hard asset in times of inflation since it will see price appreciation. Financial advisers suggest investors find a place for real estate in a portfolio.

Investors can gain exposure to real estate by directly owning commercial or residential property, or by investing in real estate investment trusts (REITs).

Real estate is a sound investment, says Crawford. “But I would caution that if you’re not increasing rent in your real estate, you aren’t fighting inflation.”

Short-term bonds and Treasury Inflation-Protected Securities (TIPS) are investments that are a hedge against inflation.

“Hedging seeks out asset classes that tend to positively correlate with inflation,” says Ilijevski.

For example, he says, short-term maturities allow bond-holders to more frequently roll over the principal at higher interest rates. This helps inflation-sensitive investors keep up with short-term inflation.

Similarly, TIPS, issued by the government, are also a fixed-income security hedge against inflation. Their principle is adjusted to reflect changes in the Consumer Price Index. When CPI rises, the principle increases, resulting in higher interest payments.

“TIPS absolutely merit a place in a US investor’s portfolio, especially those with significant bond holdings,” says Crawford. “The main issue is that they increase in value in conjunction with the CPI, which many would argue is not an accurate inflation measure.”

CNN
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Ukraine’s ambassador to Australia has “strongly condemn[ed]” the Russian flag being displayed in the stands at the Australian Open.

The flag was seen during the first-round match between Ukraine’s Kateryna Baindl and Russia’s Kamilla Rakhimova in Melbourne.

In light of the war in Ukraine, Russian and Belarusian tennis players have been permitted to play at the Australian Open but must do so “without flags or country recognition.”

“I strongly condemn the public display of the Russian flag during the game of the Ukrainian tennis player Kateryna Baindl at the Australian Open today,” Vasyl Myroshnychenko wrote on Twitter on Monday, alongside a photo showing the flag on display.

“I call on Tennis Australia to immediately enforce its ‘neutral flag’ policy.”

It’s unclear who was responsible for displaying the flag during the match.

An agency photo also shows the Russian flag on display in the stands during the first-round match between Daniil Medvedev and USA’s Marcos Giron.

CNN has contacted Tennis Australia but did not immediately receive a response.

Baindl went on to win the match 7-5 6-7(10-8) 6-1 and will face American Caty McNally in the second round.

Tennis’ response to Russia’s invasion of Ukraine has been a point of controversy over the past year.

Last year, Wimbledon organizers banned Russian and Belarusian athletes from competing in the tournament in the face of “unjustified and unprecedented military aggression,” according to a statement released in April.

The ATP and WTA Tours, the governing bodies of men’s and women’s tennis, later responded by stripping Wimbledon of ranking points in the face of what they deemed “discrimination” towards Russian and Belarusian players.

After her first-round victory at the Australian Open, Ukraine’s Marta Kostyuk said she will not shake hands with rivals from Russia and Belarus, who she feels have not done enough to speak out against the invasion.

CNN
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History might come to view 2022 as a watershed year for American tennis, even with the retirement of the country’s greatest ever player.

Serena Williams’ decision to hang up her racket felt like a pivotal moment, such was her dominance in the sport for more than two decades. But in the same year, her compatriots showed that the future of tennis in the United States looks bright.

On the men’s and women’s circuits, American players won more singles and doubles titles last year than any other nation – 22 on the ATP Tour and 21 on the WTA Tour.

Among those players to excel was Jessica Pegula, who rose to No. 3 in the world rankings at the end of 2022 – the highest year-end finish by an American since Williams in 2016.

The 28-year-old Pegula has carried her form into the new year, too, defeating world No. 1 Iga Świątek as the US won the inaugural United Cup competition earlier this month, then cruising past Jaqueline Cristian 6-0 6-1 in the Australian Open first round.

Her relatively late rise through the rankings comes after battling injuries earlier in her career.

Eurosport expert Laura Robson, a former Junior Wimbledon champion and an Olympic silver medalist, told CNN Sport that Pegula is “definitely” one of the main contenders for the women’s title.

“She has always been an unbelievable ball striker but she’s improved her consistency and movement so much over the last year,” Robson said.

“She is hitting the ball better than ever and the win against Świątek at the United Cup will give her a huge amount of confidence to believe that she can finally have that big breakthrough at the slams.”

Alongside Pegula, the 18-year-old Coco Gauff has continued to show maturity and composure beyond her years.

Gauff reached a career-high fourth in the rankings in October and topped the doubles rankings for the first time in August. She also contested her first grand slam final at the French Open, losing against a dominant and in-form Świątek.

Like Pegula, Gauff has also started the year in auspicious fashion after winning the third singles title of her career in Auckland, New Zealand, and reaching the second round of the Australian Open with a 6-1 6-4 victory against Kateřina Siniaková.

“Coco has to be the best mover in the women’s game, along with Świątek, so as long as her body stays healthy I always see her as a potential slam winner,” said Robson.

“Combined with the fact that she won last week in Auckland, that will give her such a positive mindset going into the tournament. If she’s able to use the fast court surface in Melbourne with her serve, I could see her having a great result.”

Madison Keys, meanwhile, was unbeaten across five United Cup games and has recently made her return to the top 10 in the world.

But will these performances translate to success at the Australian Open? Aside from Williams, who won the year-opening grand slam seven times, Sofia Kenin is the other American woman to triumph in Melbourne in the past 20 years.

Since that title in 2020, Kenin has struggled with form and injury, dropping well outside the top 100 in the rankings.

Other American challengers include Danielle Collins, last year’s runner-up at the Australian Open, and 21-year-old Amanda Anisimova, a former grand slam semifinalist.

“I think people are sort of happy with how this group is ticking along, especially with Gauff and also Pegula in the mix,” tennis journalist Ben Rothenberg told CNN Sport. “I think people are pretty content right now.”

But on the men’s side, grand slam success has proved harder to come by. Not since Andy Roddick’s US Open title 20 years ago has an American man won a major singles title, several months after Andre Agassi won the final grand slam title of his career at the Australian Open.

Another American male champion feels long overdue, and among the current crop of players, Taylor Fritz, Frances Tiafoe, and Sebastian Korda look the most likely to end the drought.

Fritz became the first American man since Agassi in 2001 to win Indian Wells last year, while he also reached a first grand slam quarterfinal at Wimbledon before losing to an ailing Rafael Nadal.

Tiafoe defeated Nadal to reach the semifinals of the US Open, and Korda, a former junior champion at the Australian Open, came a point away from defeating Novak Djokovic at the Adelaide International on January 8.

Korda, the son of two ex-tennis players and the brother of two professional golfers, won his first ATP Tour title two years ago aged 20 and came agonizingly close to ending Djokovic’s unbeaten run in Australia, which now stands at 34 matches.

“All three players really impressed me in the lead-up events for the Australian Open,” said Robson.

“Korda was outrageously close to pulling off an upset against Djokovic in Adelaide. The margins are so small and a scoreline like that shows you how close he is to the very best in the game.

“Fritz and Tiafoe were equally impressive at the United Cup and with the hot and fast conditions in Melbourne they will be super dangerous.”

Both Tiafoe and Korda came through their first-round matches at the Australian Open in four sets, while Fritz faces Nikoloz Basilashvili in a later game.

Djokovic’s nine previous titles at the Australian Open make him the favorite in Melbourne, although he has been managing a niggling hamstring in recent games.

Top seed Nadal, meanwhile, got off to a winning start against Great Britain’s Jack Draper having suffered back-to-back defeats in the United Cup.

The in-form US hopefuls are certainly outsiders to win the Australian Open, but recent results will make each of them quietly confident of producing their own American Dream Down Under.

“The American players have pushed each other and helped each other to believe they can compete close to that level,” former player turned broadcaster John McEnroe said in a recent interview with Eurosport.

“If I had to pick one, I’d probably pick Sebastian Korda; he’s the youngest of that current top group of Americans and the one with the most upside right now.

“Frances Tiafoe made some great improvements as well, Taylor Fritz is a phenomenally superior ball-striker, and is a legit top-10 player and a threat to make a deep run.”