As the retirement age of 65 becomes outdated, experts debate potential changes to Social Security.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.
The shift from pensions to 401(k) plans has left individuals responsible for retirement savings. Research shows 77% of Americans believe this makes it harder to achieve financial security. Despite the desire for pensions, they may be risky and unlikely to return. Some support expanding Social Security or personal retirement accounts, while portable 401(k)s are seen as more suitable for the modern workforce.
