Age Archives - Page 7 of 7 - DR News - News, Retirement, Finance

“Retirement Age” Reaches New Heights: UK State Pension Age Expected to Rise to 71, Say Experts

Experts predict that workers in the UK may have to work until they are 71 before claiming their state pension due to the impact of growing life expectancy and falling birthrates on the state pension. Research on life expectancy and birthrates has shown that the current retirement age of 66 is unsustainable, and the pension age is expected to rise to 67 between 2026 and 2028, and to 68 by 2044. However, the research suggests …

Downsizing: When is the Ideal Age to Right-Size Your Home?

London, UK – For many homeowners, downsizing from their long-time family home can be an emotional and challenging decision. The process of letting go of a home filled with memories and cherished possessions can be daunting. However, experts are suggesting that there may be an ideal age to consider downsizing, citing financial and practical reasons as triggers for this important decision. A recent report by the estate agent Savills revealed a 53% increase in the …

Rising Age of Retirees Around the World Reveals Surprising Truths About Retirement Plans

Presidential hopeful Nikki Haley’s proposal to raise the retirement age for Americans has sparked a debate about retirement differences around the world. As retirement approaches, individuals look for varied approaches and rights for senior citizens that impact their overall quality of life. The average age of the population is increasing in many countries, leading to discussions about how to support older adults financially, medically, and within their communities. Haley’s pledge to raise the retirement age …

Social Security Full Retirement Age: How New Rules Impact Earnings in 2024

Phoenix, Arizona – Understanding your Social Security Full Retirement Age (FRA) is crucial for planning your retirement benefits. The FRA, determined by the year of your birth, ranges from 65 to 67. For individuals born between 1938 and 1942, FRA is 65 with additional months. Those born between 1943 and 1959 have an FRA of 66 with additional months, while those born 1960 or later have an FRA of 67. There are two main reasons …

Maine Leads the Nation in Average Age of Retired Population – Census Data Reveals Key Insights into the Aging Population of the United States

Portland, Maine – The average retirement age for Americans is 62, according to the Transamerica Center for Retirement Studies. This means individuals are not quite eligible for Medicare but are several decades into their working lives. The actual retirement age for older workers shows a five-year gap between expectations and reality, with many workers retired or nearing retirement at age 65 and older, making up 18% of the total population, or 62 million adults, according …

GRA Commissioner Ammits Past Retirement Age, Working Without Contract Since 2021

Accra, Ghana – The Commissioner of the Ghana Revenue Authority (GRA), Rev. Dr. Ammishaddai Owusu-Amoah, has admitted to working past the mandatory retirement age of 60 without a contract since 2021. This revelation came to light during a Public Accounts Committee sitting when concerns about Rev. Dr. Owusu-Amoah’s retirement were raised by members of Parliament. Ningo-Prampram Member of Parliament, Sam George, questioned the GRA boss about his employment status, specifically if he was on contract, …

Ghana Federation of Labour Advocates for Increase in Retirement Age to 65

Accra, Ghana – The Ghana Federation of Labour (GFL) is pushing for a reconsideration of the retirement age, advocating for an increase from 60 to 65 years. Dr Abraham Koomson, the Executive Secretary of the Ghana Federation of Labour, emphasized the timeliness of this proposal, highlighting the potential for capable retirees to continue making valuable contributions to the workforce. Dr Koomson stressed the importance of initiating a dialogue on extending the retirement age, citing examples …

Social Security Strategy: Experts Warn Against Delaying Benefits Until Age 70

AUSTIN, Texas – A couple in their sixties sought financial advice as they prepared to retire and navigate the complexities of collecting Social Security benefits. Greg and Sherry, both 62, had a substantial portfolio totaling $1.7 million and hoped to maintain a $6,000-a-month lifestyle throughout retirement. One of their considerations was whether to put off collecting Social Security until they reached the age of 70 to maximize their benefits and bolster their budget. A certified …