The number of Americans living past 100, or centenarians, is expected to quadruple by 2054. This poses a financial challenge as people now need to fund longer retirements. Experts recommend working past 65, saving as much and as early as possible, and exploring other income sources such as part-time work or annuities.
As the retirement age of 65 becomes outdated, experts debate potential changes to Social Security. One suggestion is raising the retirement age to address the program's looming shortfall. However, critics argue that this would disproportionately affect those with health issues or limited job opportunities. Alternatives being considered include raising the minimum benefit or adjusting the system to automatically account for increased longevity. Ultimately, the goal is to enable workers to retire comfortably on their own terms while ensuring the program's long-term sustainability.
Women may claim Social Security at age 62, but since they live longer than men, claiming later is recommended, even if it means a temporary reduction. This is because they need their benefits to last longer and Social Security offers guaranteed income for life. Delaying claiming also increases the benefit amount due to delayed retirement credits. Additionally, women often save less than men for retirement, making guaranteed income sources like Social Security even more crucial.
