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Social Security Beneficiaries Increasingly Forced to Work Amid Rising Costs
Social Security Beneficiaries Increasingly Forced to Work Amid Rising Costs
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BTCCSquare news:
Nearly 40% of Social Security recipients continue working after claiming benefits, according to a Boston College study. This trend reflects the growing gap between fixed incomes and living expenses, exacerbated by inadequate cost-of-living adjustments.
Retirees' purchasing power has eroded by 20% since 2010 as benefit increases fail to match inflation. The Senior Citizens League reports many beneficiaries must either reduce spending or return to work—a stark contrast to traditional retirement expectations.
Financial planners emphasize the urgency of supplemental retirement savings. "Social Security was never designed to be a sole income source," notes one economist, "but today's economic realities make diversification essential."
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