Republican lawmakers have proposedraising the retirement agefor claiming Social Security to 70, up from about 67 now, citing longer lifespans. And there's also a growing belief among younger workers that they'll be able to work into their late 60s or even longer, even though theaverage retire...
In 1983, Social Security agreed to increase the full retirement age from 65 to 67 in two-month increments. Beginning in 2025, the full retirement age is increasing to 66 years and 10 months, meaning people born in 1959 will have towait a bit longerto claim benefits. This was the second-...
2014. "How is Economic Hardship Avoided by Those Retiring before the Social Security Entitlement Age," Journal of Pension Economics and Finance 13(4): 420-438.“How is Economic Hardship Avoided by those Retiring Before the Social Security Entitlement Age?” NBER Working Paper No - Milligan...
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Most younger adults are no longer getting pensions of any kind, so individuals who enter retirement age are now more dependent on personal savings and Social Security, he said. 'People are really feeling the cash crunch' Courtneyk | E+ | Getty Images ...
First, the majority of wealthy pre-retirees (66%) are focused on hitting a certain asset level before retiring, citing financial security as the main trigger for walking away from work. In contrast, investors with fewer assets believe reaching a specific age is the main reason to retire. ...
Moreover, the increased likelihood of age-related health issues adds to the financial burden, as medical expenses can be substantial. Societally, the aging population puts pressure on social security systems and healthcare services. With more people living longer, the demand for these services ...
American workers by and large believe they'll retire at 65, the nation's traditional retirement age. But real life often gets in the way of those plans, with new research finding that the majority actually step back from work far earlier. And for many, it's not by choice. ...
It’s been in the news lately, but what exactly does the Social Security Administration do? Maryalene LaPonsieApril 15, 2025 Raising Retirement Age: Help or Harm? A later benefit age might help the system, but it won’t help every future retiree equally. ...
For those worried about generating enough income, making smart moves as you approach retirement can head off the need to work beyond your desired age, Waxman explained. "There's no free lunch," he said. "But you can downsize and streamline, for example, if you have a significant amount of...