MicroWaveApr 26, 2024

About 1 in 4 US adults 50 and older who aren't yet retired expect to never retire, AARP study finds

https://lemmy.world/post/14715105

About 1 in 4 US adults 50 and older who aren't yet retired expect to never retire, AARP study finds - Lemmy.World

About one-quarter of U.S. adults age 50 and older who are not yet retired say they expect to never retire and 70% are concerned about prices rising faster than their income, an AARP survey finds. About 1 in 4 have no retirement savings, according to research released Wednesday by the organization that shows how a graying America is worrying more and more about how to make ends meet even as economists and policymakers say the U.S. economy has all but achieved a soft landing after two years of record inflation.  Everyday expenses and housing costs, including rent and mortgage payments, are the biggest reasons why people are unable to save for retirement.

Show threadrhacerApr 26, 2024
I won’t be retiring. Not particularly good with money, plus a divorce, I’m 60, and have about 200K in retirement. It’s my own fault, I could have been far smarter. Now was always far more important than then.
Show threadFlying SquidApr 26, 2024

It’s my own fault, I could have been far smarter.

No. No it isn’t. It’s the country’s fault for not giving you enough to retire on even though you didn’t make the best financial decisions over the years. People should not be punished in their old age because they didn’t follow all the right rules of capitalism (which keep changing anyway).

It might be your fault that you’re not as comfortable or as well-off as you would like to be, but it is not your fault that you can’t retire.

Show threadEeyore_Syndrome

Remember that time they moved retirement to 67 in 2015?

I don’t because I was too busy working 50 hrs a week @$14-19$/hr paycheck to paycheck.

And now I have fibromyalgia at 38 and hope I die at 50.

Thanks America.

Apr 26, 2024 at 12:28pmWeb
Show threadleadoreApr 27, 2024

The law that changed full retirement age to 67 was passed in 1983 (during the Reagan era, no surprise there!) https://bipartisanpolicy.org/explainer/full-retirement-age/ :

"In 1983, Congress increased the full retirement age (FRA) from 65 to 67, a change phased in over the course of 33 years. This phase-in just ended, with the FRA now static at age 67 for individuals reaching age 62 in 2022 or later." (those born in 1960 or later).

What I always thought was unfair is that those who make the least amount of money get the least amount of Soc Sec, when they are the ones who need it the most. Those who make the most money get the max amount even though they need it the least. Seems backwards.

But I guess it's at least better than how things were before Social Security when you either had to make enough money to save enough for retirement and/or get a pension from your employer, or else work until you died, not to mention no Soc Sec if you became disabled. It was originally designed as part of the New Deal to help widows and seniors (poverty rate for seniors was over 50%).

The Full Retirement Age | Bipartisan Policy Center

Individuals can claim old-age Social Security benefits as early as age 62, and monthly benefits increase as one delays claiming up to age 70,…