Increasingly, people are working past retirement age. That’s a good thing for the US economy, as long as employers are able to make it easier and more fulfilling for them to get jobs.
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When we think about retirement, many of us are wired to assume that our costs will naturally drop as a result of no longer working. But we may be overestimating the extent to which that might happen. While it’s true that some expenses, like commuting, go down in retirement, others are, in fact, likely to climb. Here are five in particular that tend to catch retirees off guard.
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If you’re a long way from retirement, knowing the ins and outs of Social Security might not seem particularly important. However, your Social Security benefits should play a key part in your retirement planning process — and you can’t factor in your Social Security benefits if you don’t understand how they work. The result will be a retirement plan that’s either overly optimistic or overly pessimistic.
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Are you better off filing for Social Security benefits as soon as you hit age 62, waiting until full retirement age, or holding off even longer? Choosing the right time to file can help maximize the benefits you receive.
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Many people plan for their future by investing money in the stock market, paying off their home and mapping out the travel and adventure they will experience in retirement. Yet, few people plan for the possibility of becoming disabled and unable to work. Studies show one in four of today’s 20-years-olds will become disabled before the age of 67, yet 70 percent of the private workforce has no long-term disability insurance and does not understand the disability benefits that are available to them through the Social Security Administration (SSA).
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Worried about retirement? You’re not alone. A large number of workers nearing the end of their careers are learning the hard way that retirement is expensive and that most older Americans simply aren’t prepared. If you’re thinking of retiring in the not-so-distant future, here are a few facts you should be aware of.
Continue reading “Retirement Stats Every Baby Boomer Should Know” »
Social Security plays a major role in ensuring the financial well-being of our nation’s retired workforce. The latest survey from national pollster Gallup found that almost 60% of all seniors rely on their Social Security checks to be a “major” contributor of their monthly income, while another 28% expect their benefits check to be a “minor” source of monthly income. That’s nearly nine in 10 retired workers who could be in financial trouble if Social Security weren’t there for them.
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