Retirement might not seem as promising as it once was, as the next wave of retirees is about to face a system that is falling short in many ways.
From the Social Security Trust Fund running out of money to the threat of higher taxes and soaring healthcare costs, the challenges are daunting and concerning for retirees.
According to a recent article in The Wall Street Journal, the U.S. ranked 22nd out of 47 countries in a new ranking of the world’s retirement systems, with a slightly lower score than a year ago, confirming that government support systems are failing retirees on multiple levels.
Social Security is on life support
Social Security is not the reliable retirement income it once was and is now at risk of insolvency, with the trust fund projected to run out of money by 2032. Without government intervention, retirees could see their benefits slashed by as much as 25%.
Higher taxes take more of your savings
With record-high national debt and low Federal income tax rates, the government could resort to raising taxes, impacting retirees’ savings and investment income.
Inflation is driving up everyday living expenses
Inflation continues to erode purchasing power, leaving retirees with less to cover basic necessities and healthcare costs, even as the economy seems to have passed the highest peaks of inflation.
The skyrocketing cost of healthcare
Despite Medicare coverage, retirees still face significant out-of-pocket expenses for healthcare, with the estimated lifetime healthcare costs for a typical 65-year-old couple amounting to a staggering $683,306.
Take matters into your own hands
Retirees can’t rely on the government for support and must take matters into their own hands. One crucial step they can take is to optimize their Social Security benefits through a free, customized B.O.S.S. Social Security Analysis, to maximize their retirement income.
The solutions provided are tailored for families who have saved over $200,000 for retirement and have not yet filed for Social Security.
To learn more about maximizing your benefits and securing your retirement income, schedule your free analysis by clicking here.
About the authors: Ryan Thacker and Tyson Thacker are the president and CEO of B.O.S.S. Retirement Solutions, providing customized retirement planning and financial services to help retirees get to and through retirement.
Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing investment and insurance products. We provide customized retirement planning and financial services to help today’s retirees navigate their retirement years.
For a list of services, please visit us at bossretirement.com/services.
This content is provided for informational purposes only and cannot be guaranteed for accuracy and completeness. We are not affiliated with any government agency, including the Social Security Administration.
