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Gloomy Outlook Causing Many to Rethink Retirement - kiplinger.com
With inflation and steadily rising healthcare costs in the picture, many peak-65ers appear to be hedging their plans to jump into retirement. The Alliance for Lifetime Income (ALI)’s 2025 Protected Retirement Income and Planning (PRIP) Study concludes that fear of retirement has reached an all-time high nationwide, with nearly two-thirds of the study participants having either delayed retirement or are rethinking retirement plans. Add to that a growing concern about Social Security’s future and the lack of confidence in continuation of promised benefit payments, and you see a scenario of jitters.
Alliance for Lifetime Income Chief Strategy & Communications Officer Cyrus Bamji discusses this phenomenon in a post on Kiplinger.com. In addition to itemizing the specific drivers related to the shift in thinking, he offers suggestions that would help steady the thinking of vulnerable seniors, leading off with the thought that Congress needs to “seriously focus on shoring up Social Security …” He also covers the importance of engaging financial advisor services to help seniors plan for their “golden years.”
Read his post in full here…
It has rubbed me the wrong that millions of illegal aliens are still receiving social security benefit while nothing is withdrawn from their check because millions workers WORK under the table and FOR YEARS HAVE NOT PAID SOCIAL SECURITY AND SOME OF THEM NEVER HAVE PAID BUT THEY ARE RECEIVING BENEFITS FROM THOSE OF US STILL WORKING
Alice:
Thank you for the comment. I understand your concern, but I need to point out that illegal aliens do not receive Social Security benefits. Any benefits paid from Social Security are based on a documented work record (i.e., earnings history on which FICA tax has been paid via a valid Social Security Number). Unfortunately, this is a general misunderstanding, usually associated with the fact that illegal aliens may in fact be receiving benefits in the form of public health services; public education; Women, Infants, and Children (WIC) aid; and the like. These services are not funded through Social Security.
Gerry Hafer
AMAC Foundation Social Security Advisor
The above is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (amacfoundation.org/programs/social-security-advisory) or email us at ssadvisor@amacfoundation.org