Working Longer Is Not The Solution To The Retirement Problem In The U.S.

The majority of people in their 50s and 60s who are concerned about saving enough money for retirement hear two words from most financial advisers and retirement coaches: work longer. They believe doing so will increase their savings, allow them to get larger Social Security payments (by postponing them till they reach their full retirement age or age 70), and give them something to do in their “unretirement.”

The Ugly Truth About Working Longer And Social Security Benefits?

If you’re like most seniors, your retirement income will be dominated by Social Security payouts. Approximately fifty percent of older Americans rely on Social Security for at least fifty percent of their income, and twenty-five percent rely on it for ninety percent.