There’s a growing concern in the US regarding the increasing average retirement age and the potential impact on millions of people approaching their golden years in the next decade. With the cost of living on the rise, especially healthcare expenses, many Americans are struggling to save sufficiently for a comfortable retirement. Republicans are pressing for an increase in the full retirement age from 67 to 69 due to factors such as increased life expectancy and depleted social security funds.
According to the 2022 Social Security Trustees report, the trust funds for social security will only be able to pay 77% of full benefits after 2034 unless legislative action is taken. While increasing the retirement age might help save social security funds from complete depletion, potential retirees have mixed feelings about postponing their retirement into their 70s.
It’s estimated that 23.4% of the total US population will possibly retire in the next ten years, yet 56% of Americans say they’re not on track to comfortably retire. The financial strain is compounded by rising commodity prices and healthcare expenses, making it increasingly difficult for Americans to plan for retirement.
To help retirees plan a comfortable retirement, a list of the 25 Best Places in the US to Retire on $5000 a Month is provided. The list is based on factors like average rent, monthly living budget, crime index, healthcare, livability score, economy, and weather comfort. Some of the cities featured in the list include Frostburg, Maryland; Tiffin, Ohio; and Waterloo, Iowa.
This list of affordable places to retire serves as a valuable resource for individuals seeking a fulfilling retirement despite the challenges of increasing retirement age and rising costs of living. Retirees are encouraged to explore alternative retirement plans, such as private retirement savings accounts like 401(k) or IRAs, as a means to ensure financial security during their golden years.