Retirement age Archives - DR News - News, Retirement, Finance

Social Security: Older Workers in Physically Demanding Jobs at Risk

The Social Security retirement age, currently set at 67, is facing calls for further increase. However, according to a recent task force report from the National Academy of Social Insurance, this proposal may pose a challenge for older workers in physically demanding jobs. The report highlights the potential harm this could cause to economically vulnerable individuals who already struggle due to the existing retirement age increase. Rebecca Vallas, a task force member and senior fellow …

Securing Your Future: Essential Strategies For Retirement

“Failing to plan is planning to fail,” which couldn’t be truer when preparing for retirement. With life expectancies on the rise and the future of social safety nets uncertain, taking the reins on your retirement planning is more important than ever. Here’s what you should do to ensure your golden years are secure and enjoyable. Start Early and Save Consistently You should begin saving for retirement as soon as possible. Thanks to the power of …

Want to Retire in 2024? Here’s What You Need to Know.

Embarking on the retirement journey is a monumental step. However, diving headfirst into this new chapter without laying the proper financial groundwork can lead to a myriad of unforeseen challenges and obstacles. It’s essential to approach this milestone with both excitement and prudence, ensuring a smooth transition into your golden years. For those looking at 2024 as their year to retire, there are three pivotal things you must know. 1. Your Financial Milestone There’s no …

Is Your Retirement Fund Enough? Why Most Americans Are Dangerously Short

Planning for retirement is daunting, primarily because it’s challenging to predict the exact amount you’ll need to live comfortably during your golden years. Several variables come into play, such as your retirement age, health condition, desired lifestyle, and the unpredictable nature of inflation. Traditionally, the magic number has been $1 million. It’s a neat, round figure that many believe would suffice for a comfortable retirement. However, recent studies suggest that this number might need to …

Countdown to Crisis: Unveiling the Threat of a U.S. Retirement Age Increase on Your Precious Savings

The recent decision by the French government to increase the official retirement age from 62 to 64 has sparked global discussions and concerns. This move met with significant opposition, has led many to wonder what would happen if the U.S., which already has one of the highest retirement ages for full benefits, followed suit. The Impending Retirement Crisis in the U.S. The U.S. is on the brink of a retirement crisis. With Baby Boomers and …

No More Grey Hairs Over Social Security – Top 3 Myths Busted

Understanding the intricacies of Social Security, the pivotal financial backbone for most retirees can often be daunting due to the complex regulations that continue to shift with time. Many people, even those on the brink of retirement, need clarification about the specifics. Misconceptions abound, leading to costly errors when claiming benefits, often based on outdated information, hearsay, or misinterpretations. Here are three of the common misconceptions, along with an insight into the reality of each: …

Here Is How Gen Xers Can Boost Their Savings

As Gen Xers approach retirement age, with some already nearing 60, questions arise about their preparedness for the future. When surveyed, many Gen Xers expressed a desire to retire around 63. However, this leaves little time for older members to accumulate the necessary funds.

Retirement Age Increase or Higher Taxes? What You Need to Know About The Reform of Social Security

French workers are flocking to the streets to protest President Emmanuel Macron’s pension reforms, which include an increase from 62 to 64 years old for the country mandatory retirement age. There were protests last week with over a million people in attendance, waste has piled up since trash collectors are on strike, and public transportation has been severely impacted.