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.
With their retirement on the horizon, baby boomers must be well-informed about the changes and provisions that will impact their Social Security benefits. From adjustments in the full retirement age to variations in the earning thresholds, they should stay current to make informed decisions regarding their financial security.
When preparing for retirement, it’s crucial to have realistic expectations regarding the amount of financial support you can expect from Social Security benefits. Many people consider Social Security a significant part of their retirement income. It’s important to remember that you can only access these benefits once you turn 62, and you must have contributed to the Social Security system for many years to earn them. However, once you start receiving benefits, they will last for the rest of your life.
Explore how Social Security benefits work for U.S. citizens retiring abroad, including eligibility, payment options, taxes, Medicare coverage, and more.