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The Evolving Retirement Playbook: What Has Changed? - RealClearMarkets
Many seniors currently living in retirement have traveled the same road: get an education, find a stable job, and launch a career that will last about 49 years. And along the way, be systematic about saving for those “golden years,” using solid, relatively risk-free financial vehicles that would allow for the accumulation of a level of wealth that would supplement social insurance and, if you’re lucky, a pension and allow a comfortable retirement.
What happened? A post by RealClearMarkets contributor Tom Wilson explores the changes that have materialized in the retirement-planning playbook just described. As Wilson notes, one of the culprits is that seniors have lost much of the buying power — 20% since 2020, as estimated by The Senior Citizens League — that their Social Security benefits were expected to provide. Dramatic increases in healthcare expenses are another factor. And on top of those factors, there’s the looming insolvency problem Social Security faces, with the potential for a substantial reduction in about five years.
Not a pretty picture. Check out Wilson’s post, with his thoughts on the details of what has changed, here…