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4 Reasons Why 65 is No Longer The Ideal Retirement Age
Things have changed since the 19s and 20s when the traditional retirement age was set. The prices of goods and products were low, social security was enough to survive, and life expectancy was short.
Today you must rely on more than just a single source of income and think of living comfortably after retirement. With the rising cost of living, having more money when you retire makes more sense.
Let's look at the top 4 reasons why 65 is no longer an ideal retirement age.
Thanks to better healthcare, people are living longer these days. This is great, but it also means that if you retire at 65, your retirement savings must last much longer.
1. Longer Life Expectancy
Healthcare costs are rising fast. When you retire, you typically need more medical care, so if you retire at 65, a big part of your savings might go toward these expenses.
2. Rising Healthcare Price
We're living in a world where the cost of life's necessities is continually rising. Due to inflation, bills are getting bigger each year, from groceries to utilities.
3. Increased Cost of Living
The harsh reality is that many people don't have enough saved by age 65 to maintain their current lifestyle throughout retirement.
4. Inadequate Savings
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