Many of us spend much of our adult lives looking forward to leaving the working world behind and enjoying our retirement. Unfortunately, not only is it often hard to enjoy retirement, but for many, it can be a challenge to even afford basic needs.
Why is retirement so hard for Americans who have spent a lifetime working? We don’t think this is the way it should be. There are, however, a few things to keep in mind when looking at the reality of retirement in America.
- Social Security is Not Enough — Social Security benefits don’t offer retirees enough to live on alone. Don’t expect these benefits to take care of you in your golden years.
- Inflation is Still a Threat — While inflation rates have eased somewhat, prices are still too high for those living on a fixed income. It might not get any better soon.
- Retirement Planning is Essential — It is extremely important for anyone planning to retire in the future to plan ahead. With a shaky economy and no guarantee from Social Security, be prepared to face financial challenges.
- Healthcare Costs are Going Up — Healthcare costs are one of the biggest issues facing older Americans. To make matters worse, Medicare Part-B premiums have already gone up 6 percent for 2024.