Today’s retirees are changing the face of what retirement looks like. Being more active and living longer than any previous generation, baby boomers have been reshaping the world and every stage of life. Due to the large numbers attention is gained for both successes and failures. It is estimated that 10,000 boomers are reaching the age of retirement every day for the next 10+ years. What happens to baby boomers will impact the economy as a whole due to the vastness of these numbers.
As a result, financial shortfalls become amplified creating additional challenges or today’s retirees. The Social Security Administration, considers full retirement to be the age of 66 or 67, depending on the year you were born. This is the age where 100% of anticipated social security retirement benefits will be paid out. Unfortunately, millions of retirees are claiming early benefits at the age of 62, even though financially they have not saved enough for a secure retirement. Layoffs and health related issues are the primary reasons for early filings, even though it results in reduced payments of approximately 75% of full retirement benefits. Read more