Retirement is an important part of American life. It requires a lot of planning and in some cases luck. There’s no denying that global economic factors play a role in being able to retire comfortably. Is it possible to retire in the 2023 economy?
Economic Factors in 2023
The American economy is complicated in 2023. Inflation is still a significant issue for many people when it comes to buying groceries or putting gas in their cars. Housing prices are still high, and many Americans face challenges affording their wants and needs. In addition to inflation, political unrest and international issues continue to impact our economy.
Retirement Challenges for Seniors
Financial challenges can be even more severe for older Americans. While seniors experience many of the same price increases, they also have to deal with rising medical costs and high medicare premiums. Older generations often suffer greater financial hardships while not being able to fully rely on Social Security after retirement.
Is Social Security Enough to Retire on?
The Social Security system has been a significant part of making retirement possible for countless Americans. Unfortunately, today’s Social Security checks are not going as far as they used to. While these benefits should provide retirees with the resources to live comfortably, the current system is simply not enough. As inflation drives prices higher, Social Security benefits are not able to keep up.
Why Seniors Don’t Get Enough in Retirement
Sadly, many Americans assume that Social Security Benefits will be there for them in retirement but find out that they don’t have enough to live on. We feel like older Americans should get every penny that they earned through decades of work. This is why we support a bill we call The Greatest Generation Benefits Act. Under this legislation, retirees over age 82 would get a substantial monthly increase along with an additional 4 percent every year after. Learn more about this crucial bill here.