More than one million French citizens protested a rise in the normal retirement age, which would increase the age from 62 to 64. A similar conflict may be quietly simmering in Washington, D.C., in the United States.
Social Security is being used as a bargaining chip in discussions about raising the debt ceiling. Analysts, however, warn that a collapse in those discussions and a U.S. default pose the greatest threat to the program and its 66 million participants.
Although being laid off later in life might be financially devastating, you can take steps to mitigate the blow.
In the United States, Social Security refers to the OASDI program known as the Old Age, Survivors, and Disability Insurance and is operated by the Social Security Administration (SSA), a federal agency in the United States. Besides providing retirement benefits, it also provides survivor benefits and income for disabled workers.
In September 2022, more than 48 million retirees receiving Social Security benefits took home around $1,674 monthly. According to a survey by the national polling firm Gallup, this is an essential source of income for over 90 percent of seniors receiving Social Security.
Despite frequent reminders, many ignore the need to save separately for retirement. An estimated 33% of Americans have no retirement savings, but more alarming is that 30% of those aged 55 and older are in the same predicament. Social Security is a major contributor to the fact that so few of us save. The National Academy of Social Insurance estimates that about 25 percent of elderly Americans depend solely on Social Security. Although Social Security …
We’ve spent the last decades inching toward a world with too few workers and too many retirees depending on their labor, like a train crash in slow motion. Have we finally reached the tipping point?
The new retirement rules included in the legislation passed by President Biden in December include a few adjustments to necessary withdrawals from retirement accounts that are sure to be well received by the elderly with significant disposable income.
If you’re worried about whether your retirement assets will endure, consider that life expectancy may be a more significant factor than even historically high inflation.
It’s tempting to put off retirement savings until later in life, especially when you’re in your 30s, but you should keep this goal in mind at all costs. You’ll need to control your spending to maintain a healthy savings rate.