News Resources for Seniors

Social Security may be fleeting

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As Americans begin to reach retirement age in droves, the strain that is being put on the Social Security system may leave some people in financial shock, according to The Wall Street Journal. There is currently a 75-year financing gap in the system and experts fear the amount of money people will receive in the future could be significantly less.

The retirement age is set to move from 65, for those who were 62 in 2000, up to 67 for people turning 62 in 2022. Retiring at 65 could mean a reduction in payments from Social Security, the media outlet reports.

Some people have already begun the process of selling their universal life insurance policies for a life settlement to combat their current financial woes. As the system continues to shrink the demand for alternative funding possibilities may continue to rise.

In an effort to further off-set this possible financial burden, people have started looking into alternative retirement options such as annuities and Medicare supplements. Fixed annuities have a set payout and are becoming popular among people that want to know they have a certain amount of money coming in every month, according to CNNMoney.  

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