Retiring in America Means Working at an Old Age?!

(VitalNews.org) – Retirement experts have spoken out about the realities of retirement in America and whether seniors can afford to stop working.

According to retirement expert Teresa Ghilarducci, retirement in America means working until old age. She stated that the retirement system in the country has failed and left many Americans working into their old age as they’re not able to survive off of Social Security and savings.

In “Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy”, Ghilarducci’s new book, she speaks of something called a “Grey New Deal,” which is essentially her idea of a revised plan for social security and retirement in America. She said that records show that only 10% of seniors are both retired and financially stable.

Many Americans who are 59 and older lack any funds for retirement and therefore have to work longer to keep up with finances. Lawmakers spoke out pushing for an older retirement age since “people are living longer” so they can work later in their lives. Some Republicans have talked about raising the retirement and Social Security age to 70 years old.

Ghilarducci said, “We found that most people who are retired didn’t retire when they wanted to, but because they were forced out.”

“Even though we have this idea that people could just decide to work a little bit longer, it probably isn’t their choice,” she said

Teresa said that reading her book is essential to understanding the changes in both the economy and social security or retirement in the United States. She said that in a lot of cases, people don’t have the necessary funds as they reach the age of retirement, so they quit their careers and get a lower-paying job instead, which then makes their savings for retirement more difficult to sustain and grow.

There’s also a huge gap in working people’s lives between the wealthy and the unwealthy. Wealthy Americans typically get a much longer retirement that starts earlier, whereas your average American may not get the same length of retirement.

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