May is an extraordinary month as we come together to celebrate Older Americans Month, a time dedicated to honoring the wisdom and countless contributions of aging individuals. It also serves as an opportunity to delve into discussions surrounding older adults. This year, our observance aligns perfectly with the release of the 2023 Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI), alongside fresh insights shedding light on Americans' concerns regarding their futures. 1,2
Spanning across a sample of more than 2,500 American adults, including both retired and employed individuals, the survey's findings have unveiled some thought-provoking statistics. Notably, an overwhelming 84 percent of those currently employed and 67 percent of retirees expressed concerns about the growing cost of living, making it increasingly challenging to set aside funds for their retirement strategies. 2
While it is undoubtedly true that the cost of living tends to rise over time, it is essential to recognize that a competent retirement strategy already accounts for this eventuality. Moreover, current inflation figures indicate a downward trend, offering a glimmer of hope that the financial squeeze experienced by many may soon subside. This brings good news for both those currently saving for retirement and our valued older Americans who are enjoying their golden years.
One remarkable advantage possessed by many older Americans is the invaluable wisdom they have accumulated throughout their lives. Wisdom entails not only the ability to exercise patience during challenging times, but also the sound judgment to seek assistance from individuals who possess the expertise to navigate complex financial landscapes. Should you find yourself harboring concerns about financing your retirement, regardless of whether you are approaching this milestone or are already an older American, I warmly encourage you to initiate a conversation with me. Together, we can assess your retirement strategy and explore how it can best serve your unique needs.
The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.
1. acl.gov, May 1, 2023