For many of us, we spend much of our working years looking forward to retirement. While it is the dream for many, retiring might not be as easy as you think. A solid retirement plan is important, and overreliance on Social Security is dangerous. In fact, many Americans expect more benefits will be waiting for them when they reach retirement age. The truth can be surprising.
Why a Retirement Plan is Important
Retirement planning is a necessity for modern Americans. Considering healthcare costs, Inflation, and an uncertain economic future, it is just not a good idea to go into retirement without a plan in place. Of course, when we’re young, we don’t want to think about being old. We want to enjoy our youth instead of worrying about retiring. The years, however, don’t slow down. If we don’t make sure that we have savings and a retirement plan in place, our golden years could be a lot less golden. The bigger problem, however, is that Americans think Social Security will be there for them, and sadly, that may not be the case.
How Retiring on Social Security Can Be Challenging
The problem with Social Security benefits is that the math doesn’t work out the way we expect it to. After decades of work, we might think “I’ve paid in so much, I should be taken care of now.” Unfortunately, the amount seniors receive in retirement is often far less than you might think. Many older Americans spent years paying into Social Security and do not get what they earned in retirement.
Is There Hope for Social Security Reform?
There’s been much more talk about Social Security reform than action over the last few decades. But we believe that Congress has the opportunity to pass a bill that would change everything for many seniors. A bill we call The Elder Relief Act would give retirees over the age of 82 a significant monthly boost plus a guaranteed annual increase. Learn more here.