What if retirement was right around the corner — but you weren’t ready?
This is the case for many “peak boomers.” This is a term used to describe those seniors who turn 65 this year. If you’re in or around this age range, it’s time to prepare for retirement.
However, many people find themselves unready for this new chapter. Thanks to life’s unexpected turns and the struggles of our economy, many seniors are in a spot they’d rather not be in.
Does This ‘Peak Boomer’ Story Resonate with You?
Today we highlight the story of Diane Senffner, shared via Business Insider. This tale is troubling — partially because it’s all too common among older Americans.
Ms. Senffner is among those born between 1959 and 1964. She is nearing the age when it’s time to collect Social Security and retire. However, she worries her benefits will not be enough to sustain her. She was a small business owner who saved up money for retirement for years.
Then COVID-19 happened.
Her business shut down, and her savings soon dried up. Now she and her husband both worry they’ll be working until they die. Some studies show that about half of seniors in the “Peak 65 bracket” don’t have enough money to retire comfortably.
This crisis is one that should’ve never happened. Even though Social Security was never intended to function as a retiree’s sole source of financial sustenance, it should be much higher. This is because it was conceived as a trust fund, where money would be kept and grown so retirees could be fairly repaid.
However, this money has been spent and policymakers have offered no true solution on how to recover it. Time is running out, as retirement is around the corner for many of us. Let’s restore Social Security to its trust fund roots — please sign our petition today!
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