However, this couple made the decision to retire when the husband reached age 62 and took the first year of their retirement to travel, visiting their children in other parts of the country. They still live in their same house and often travel. Careful planning by the second couple over many years vs. an unfortunate belief by the first couple that their pensions and Social Security would take care of retirement. Retirement in the future will be a greater challenge than ever before. Health care costs, especially for the elderly, continue to rise faster than the cost living.
Inflation erodes the purchasing power of retirees.
High personal income taxes reduce individual savings, while tax law changes have negatively affected pension plans. Complete and mail in this form to review the history of your benefits. Next, you'll want to investigate any potential benefits from a company pension plan. The amount of your pension benefit generally depends on your salary and your length of service with the company. A visit with your company pension or benefits administrator will help you determine what to expect from this source.