Many baby boomers are struggling to retire comfortably on Social Security alone, with some needing to continue working or seek additional help, as the program faces potential funding challenges and increased scrutiny.
Many Baby Boomers Struggle to Retire Comfortably on Social Security Alone as Funding Concerns Loom
According to Business Insider, many baby boomers are finding it hard to retire comfortably with just Social Security. Emma Echols, who is 68 and lives in Alabama, has to work part-time as a bus driver because her Social Security payments and savings are not enough to cover her costs. On average, Social Security provides $1,907 a month, which isn’t enough for many retirees to live well.
A recent study shows that only 30% of people think Social Security alone will allow them to retire comfortably. This problem might get worse in about 11 years if Congress doesn’t provide more funding. Social Security was meant to help people in poverty, but now many older Americans are struggling, and some may need to keep working or get extra government help.
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$1,907 a Month: The Reality of Social Security in Retirement – Will It Be Enough for Boomers? (PHOTO: Ramsey Solutions)
Election Focus – Proposals to Strengthen Social Security Amid Rising Retirement Concerns
As the election nears, Social Security is expected to be a big topic. There are proposals to make the program stronger, like raising the earnings cap for taxes and improving benefits. But with funding issues and fewer pensions, many retirees worry that Social Security may not be enough to ensure a good retirement.
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