A common comment for retirees to hear when, they retire is, “Lucky you!” Many people think simply because they no longer have to work that retirement means life becomes a full time vacation. The truth is that many people don’t handle retirement all that well. Many Americans have to put off retirement to a much later age than previous generations. Unfortunately, some retirees ultimately go back to the workforce, either on a part time or full time basis, due to an inability to pay their bills or other factors like boredom or loneliness.
1) Social Security Benefits Getting Worse
The problems with social security have been a hot topic among future retirees for decades. The retirement age for someone born before 1937 was 65 years old. Over the years, the retirement age has been increased so that now the full retirement age is 67 years old for someone born after 1960. Funding problems with Social Security may mean in the near future, the full retirement age could be raised again. Some politicians are calling for an increase in retirement to 70 or even 72 years of age. This would mean a painful reduction in the amount of money received by prospective retirees.
Click below to share this article.