When do you plan to retire? For years, the magic age has been 65. This was actually set decades ago when Social Security was created.
Valerie RumboughDid you know that when that age was set, the average life expectancy was in the low 60s? Today, the average life expectancy is in the 80s. That places a big burden on the Social Security system, and helps us understand why it may not be such a bad idea to raise the age when we can expect to receive full benefits.
We are not the only ones who have our retirement age skewed. In Europe, the retirement age currently is a lot lower. For example, in Greece, some workers can receive benefits in their 50s, while others have to wait until 60 or 65. In France, you can start getting that check at 60 if you have worked for 40 years. Both countries are looking to raise the age, and it is being met with fiery opposition, as you can imagine.
Hopefully you are not depending completely on Social Security to fund your retirement. If you haven’t been saving, begin now.
And remember this, whatever age you choose to leave the active workforce, you should never stop working for our Lord. Be sure when you plan your retirement, you budget time and money to advance the kingdom of God.
– Rumbough, CPA, CFP, is chief operations officer with the Baptist Foundation of South Carolina. Contact her at 800-723-7242. In accordance with IRS Circular 230, any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.