Let’s face it, retirement usually comes with a lot of curb appeal. However, those are the public places that we allow other people to see and experience. They are all very real parts of retirement that you can’t just paint or wallpaper over, hoping that those thoughts and feelings just go away. In other words, the thoughts and feelings that hold everything together. As people go through their first few years of retirement they try and rationalize that feeling out of sorts, less relevant, or isolated isn’t a big deal and that those feelings can just be shrugged off. She retired early, had plenty of money and lived in an exclusive subdivision. Therefore, take the time to look for cracks or leaks in the key areas of your life. Find an expert who can help you develop concrete plans for the non-financial aspects of everyday life in retirement. Working through issues of fear, resentment, or regret won’t happen overnight. Retirement can be a beautiful home both inside and out, but it will only happen if all the rooms of our life are open to the planning process.
If Congress doesn’t act soon, tens of millions of Americans will only receive about three-quarters of their Social Security benefits when they retire in the future.
In an annual report released Thursday, trustees of the government’s two largest entitlement programs — Social Security and Medicare — urged lawmakers to act quickly to assure Americans they’ll be able to get their full retirement benefits.
The trustees projected that the Social Security trust fund will be tapped out by 2034. While that projection is unchanged from last year’s annual report card, the trustees warned of persistent long-term challenges ahead if fixes aren’t made to pay for the program.
“The trajectory is still alarming,” said Tom Price, secretary of the Health and Human Services Department in a joint press conference at the Treasury Department. “The bottom line is it must be addressed.”
The latest projection doesn’t mean retirees will get nothing starting in 2034. It only means that at that pointthe program will only have enough revenue coming in to pay 77% of promised benefits.
So if you were expecting to get $2,000 a month, your payout would shrink to $1,540.
Still, the looming date is a concern to budget watchdogs.
“Social Security insolvency is no longer a problem only for future generations — without action, current workers and even current retirees will face a 23% across the board cut in just 17 years,” said Maya MacGuineas, the president of the Committee for a Responsible Federal Budget. “That is when today’s 50-year-olds reach the normal retirement age and today’s youngest retirees turn 79.”
Other groups also responded, warning lawmakers…