How Longevity is Impacting Retirement
With life expectancies increasing, it’s affecting Americans’ retirement plans. According to a report by KMBC News in Kansas City, Missouri, the typical life expectancy is now around 80 years. This is challenging the age-old retirement construct.
One hundred years ago, when life expectancy was 62, most people worked until they died. But today, with retirement coming around the age of 65, if you’re healthy, you could live another 25-30 years. This means people need to rethink their retirement plans, or they could easily outlive their retirement savings.
The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program. This is critically important as Americans live longer than ever before.
