You're Finally Free From 9 to 5, Here's What You Need to Know Now
- Author: Muriel Robel
- Posted: 2024-09-08
They say that hard work pays better retirement days, and you've certainly earned it. Retirement is a new chapter on your journey, and it's time to embrace the joy of life beyond your dreams, but what's next financially speaking? What's new on senior benefits and adding to your wallet? Keep reading for the latest trends and industry expert advice.
Please, Step up to the "Buffett"
Warren Buffett is one of the most well-known seniors and wealthiest individuals on the planet, and he has some advice. If you're eager to boost your retirement savings, then think about consistent investments in an S&P 500 index fund. The index tracks the largest 500 public U.S. companies.
With the S&P 500 index fund, you're getting diversification and blue-chip stocks along with typically, 10% annual returns long-term.
Did You Know That Retirement Age Has Increased?
Remember the good old days when folks stayed with the same company, and between the ages of 60 and 65, they retired, received the standard gold watch and looked forward to endless days of leisure?
Things are different now, and a number of people need to work a bit longer to achieve retirement status. They look at Social Security benefits that don't pay enough, times of inflation, etc. According to one poll, American workers are waiting until the age of 66 to retire, and many are picking up part-time jobs to ease into retirement mode.
Were you aware that the average monthly Social Security payment only funds 40% of retirees' monthly living expenses?
How to Lessen the Financial Stress You May Be Feeling
There are government benefit programs designed specifically to help low-income, older adults. For instance, maybe you don't qualify for full Medicaid assistance. Medicare Savings Programs (MSPs) can add security for you by covering both your Medicare premiums and out-of-pocket costs, such as your deductibles.
Here's another program available in every state that helps eligible older adults pay their home heating and cooling costs. It's called the Low-Income Home Energy Assistance Program (LIHEAP).
Retirees can also sign up for the Lifeline Phone Discount program, where they can receive monthly discounts on basic wireless or home telephone service. This keeps you connected to your family, friends and community.
Don't be shy about looking into these government benefit programs. There are also food assistance and housing assistance that can offer relief for retired individuals.
The Social Security Website Is There for a Reason
It's wise to explore the Social Security benefits that may be due you, and this is easy to navigate by visiting the www.SSA.Gov website. There you can find information regarding possibly earning an increase in benefits for yourself or your family members. For example, has your spouse or ex-spouse passed away? If so, you may be eligible for a higher survivor benefit based on his or her work.
Here's another scenario. You are eligible for retirement benefits and have a child under 18 who is under your care. Your child may be eligible for benefits based on your work.
The cost of living adjustment (COLA) has risen in 2023 so that means the average retired worker on Social Security is seeing a $146 increase in monthly benefits or an 8.7% adjustment. The average check for retired workers has increased from $1,681 to $1,827.
There Are Tons of Benefits Just Waiting for You
It's good to be a retiree, especially when you find out that there are multiple discounts and programs out there when you sign up as an AARP member (The American Association of Retired Persons). There is no shame in admitting that you are an older and fabulous adult. There are many celebrities who are proud AARP members. Some of these famous folks include Kareem Abdul-Jabbar, Frances McDormand, Blythe Danner, Bryan Cranston, Jane Goodall, etc.
Some of the senior benefits or discounts can be found under travel, health and wellness, gas and auto services, shopping and groceries, restaurants and insurance, etc.
The AARP boasts 38 million-plus members, so they must be doing something right. Check out the organization, and see how they are fighting to protect senior citizens.
Older adults are standing strong. By 2040, about one in five Americans will be 65 or older; that's up from about one in eight in 2000. Learn all you can about retirement and the benefits available to you. You've earned it, indeed!
