Why retiring at 65 could become a thing of the past
The Annuity Man
This brutally factual article by Lorie Konish reveals why that golden retirement age of 65 might just be a unicorns chasing the butterflies pipe dream for too many baby boomers. Because Social Security payments were never meant to be the pension to the masses, many pre-retirees are realizing that they are going to be working long past age 65 in order to survive.
It seems like every week an article like this one comes out that shows people aren't prepared for retirement. They haven't been able to save or invest. It seems like the majority of Americans are in full survival mode. Living day to day. Using credit cards to pay for basic needs. As a country, we are headed toward a retirement nightmare for to many hard working people.
The problem is that there are no good solutions. You can't raise taxes on the rich to pay for other people's retirement needs because there are not enough "rich people" to tax. Socialistic ideas only work until you run out of other people's money. That's not a joke. That's a fact.
Regardless of education or net worth, the average American processes financial information at a third grade level. That's another brutal fact, and one of the main reasons we find ourselves (as a country) at this retirement fork in the road. Financial literacy is a project that needs to be addressed immediately, and at all levels of education.
All we can do is hopefully educate future generations of the necessity of planning for retirement. Every grade should teach the basics. If we don't, then the retirement target age of 65 will be nothing more than a dream for the vast majority of Americans.