#MiddleburyCT #Seniors #Retirement
Many of us didn’t plan for this. Years after we expected to retire, we’re still working. For too many of us, working is still a necessity for financial reasons. Careful planning likely convinced most of us that with a bit of savings and a monthly Social Security check we could safely (and voluntarily) retire. A recent study concluded that roughly 80% of us fall into this category, thinking we would be financially OK in retirement.
On the flip side of the coin, there are those who were pushed into early retirement before they were financially ready. Whether it was because of the health of a spouse and the need to become a caretaker or corporate downsizing, they were out the door and left in a difficult financial position, forced to sign up for Social Security before their full retirement age and giving up nearly one-third of the monthly benefit amount because of the early retirement. Many grab onto part-time jobs just to have a few extra dollars coming in every month. Those few extra dollars mean the difference between paying the light bill … or not.
I did an informal poll of neighbors and acquaintances, all of whom are past retirement age. A full 90% are employed, with most of them working at part-time jobs. All of them said it was for financial reasons. One gentleman shared that he’s working to save up for the glasses he needs, the costs that Medicare won’t cover. Another is working to put every possible dollar into paying off the last of her mortgage. Everyone else, it seems, is still working to put groceries on the table, keep gas in the car or make the mortgage payment.
Clearly, the small Social Security increases we’ve been receiving aren’t enough. They just aren’t.
© 2024 King Features Synd., Inc.
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