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“Peak 65” is Here.
According to a morningstar.com post by contributor Jessica Hall, 2024 represents a statistical milestone in the steady wave of people reaching age 65–12,000 per day to be more precise, also referred to as “Peak 65.” This rate of growth in the number of folks likely to begin drawing retirement benefits from an already-troubled Social Security system draws attention to what’s frequently cited as a “retirement crisis” attributable to financial planning decisions made earlier in life. Citing findings from Nationwide Financial’s study of 1,000 U.S. consumers aged 60 to 65, Ms. Hall concludes “If retirees got a financial do-over, many would make different decisions – including starting to save earlier, maxing out retirement accounts and living below their means.” Click here to read Ms. Hall’s full post.
One of the factors noted by Ms. Hall in her post is that more than half of retirees participating in the survey elected to begin Social Security benefits before their full retirement age, a decision which results in a permanently reduced monthly payment. Accordingly, Nationwide Financial’s president and chief operating officer, John Carter, suggests that “One of the most crucial tasks of our time is to ensure American workers understand how everyday choices impact their financial futures.” This is an example of how folks can benefit from careful counseling like that available from the AMAC Foundation’s Social Security Advisory Service, where AMAC-Certified professionals are available to answer questions about Social Security options and help interpret the implications of decisions before they’re made. Learn more about this free-to-the-public service here.