Planning for retirement is one of the most important financial steps any American can take, but too many people put it off until it’s almost too late. As a result, many of us reach retirement age without enough savings, only to end up facing serious financial challenges.
One common misconception is that Social Security will be enough to cover the cost of living in retirement. The truth is, for most older Americans, Social Security benefits simply aren’t sufficient to support a comfortable lifestyle. Rising expenses, including Medicare premiums, prescription drug costs, and other healthcare needs, can quickly outpace what comes in from Social Security.
Living on a fixed income requires careful budgeting and preparation. That’s why it’s vitally important to start saving and planning as early as possible. Whether it’s contributing regularly to a retirement account, reducing debt, or working with a financial advisor, taking steps now can help ensure greater peace of mind later.
While planning for retirement is essential, we believe that Social Security could be doing more. We’re urging Congress to pass a bill we call the Elder Relief Act. This would significantly increase benefits and make retirement more comfortable for millions of Americans. Learn more here.
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