A lot of baby boomers are having a hard time retiring easily on Social Security alone. Some of them need to keep working or look for extra help because the program is facing possible funding problems and more scrutiny.
Many Baby Boomers Struggle to Retire Comfortably on Social Security Alone as Funding Concerns Loom
Business Insider, says that many baby boomers are having a hard time retiring on Social Security alone. Emma Echols, 68, lives in Alabama and has to drive a bus part-time because her savings and Social Security income aren’t enough to cover her costs. Social Security gives seniors an average of $1,907 a month, which isn’t enough for many to live well.
A new poll shows that only 30% of people think Social Security will be enough to make them comfortable in retirement. If Congress doesn’t give more money, this problem could get worse in eleven years. Social Security was meant to help poor people, but now a lot of older Americans are having a hard time. Some may need to keep working or get more help from the government.
Election Focus – Proposals to Strengthen Social Security Amid Rising Retirement Concerns
As the election gets closer, Social Security is likely to come up a lot. Some ideas for making the program stronger include increasing the maximum amount of money that can be taxed and making the rewards better. But because of problems with funding and smaller pensions, a lot of retirees are afraid that Social Security might not be enough to make sure they have a good retirement.