Retirement at 65: An Outdated Concept?

In the current podcast Money Glow Up, host Tiffany Aliche addresses a topic that affects millions of people: the optimal planning of retirement. She is supported by Robert Powell, the host of Yahoo Finance's Decoding Retirement, who questions the notion of retiring at 65. Powell makes it clear that for many born after 1960, the official retirement age to receive full social security benefits is 67. While there is the option to start receiving reduced retirement benefits at 62, those who wait until age 70 benefit from so-called "delayed retirement credits," which enable the highest benefit payments. Another important aspect Powell addresses is financial planning in retirement: although the average amount of social security benefits is about $1,400 per month, it often isn't sufficient to cover living expenses. The recommendation is, therefore, not to consider social security benefits as the sole income source in retirement. Together with Yahoo Finance, Tiffany Aliche offers a weekly platform where real and inspiring financial stories are shared. Every Thursday, it becomes educational when the Budgetnista provides insights into financial basics to pave the way to financial success.