Tag: working longer
Retirement age is moving up for men and holding steady for women. About half of today’s working-age households will not be able to maintain their standard of living in retirement. Social Security will provide less relative to pre-retirement earnings; 401(k) balances are meager; and half the private sector workforce does not have an employer-sponsored plan. …
The percentage of 62 year olds claiming at 62 has declined sharply. With lower Social Security replacement rates, vanishing traditional pensions, and longer lifespans, people need to work longer to ensure a secure retirement. Working longer directly increases current income; it avoids the actuarial reduction in Social Security benefits; it allows people to contribute mor…
