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That's because, taken together, the two primary Social Security funds are set to only be able to pay out full benefits through 2035; the Old-Age and Survivors Insurance Trust Fund, one of the main funds comprising Social Security, will start getting depleted in 2033. AdvertisementIn other words, the moment that today's older Gen Xers are ready to retire, their Social Security benefits could start to shrink. Gen Xers — born from 1965 to 1980 — have been deemed the country's "neglected middle child" by the Pew Research Center. And among the different generations, Gen Xers were the most likely to report that they were feeling financially insecure. That could set the stage for the new crop of Gen X retirees to arrive in an already-precarious retirement economy.

Persons: —, Gen X, Xers, Gen Xers —, YouGov —, Gen Xers, X, Gen Zers, Gen, Michele Raneri, aren't, Xer Organizations: Service, Gen, Social Security, Insurance Trust Fund, Business, Security, Pew Research Center, of Congress, Millennials, TransUnion, Survey, Alliance, Lifetime, Income

☆ A 63-year-old peak boomer said she 'can't even think about retiring' despite having a master's degree and working two jobs
▼ + stars: | 2024-05-09 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Despite having a master's degree, she's concerned about affording rent upon retirement. AdvertisementCathy R., 63, has a master's degree and has worked all her life, though she's very worried for her future. However, even with a master's, she said she couldn't find anything higher-paying than clerical work, as she was constantly told she didn't have enough experience. "How are you supposed to get that experience when all you do is give me clerical work?" "I don't own anything except a car, I always have to rent, but I don't know how seniors on limited income are paying rent," Cathy said.

Persons: Cathy, ALICE, —, Cathy R, she's, We've, ALICE Cathy, hadn't Organizations: Service, Alliance, Lifetime, Income, University of Minnesota, Department of Revenue Locations: Minnesota, Paul, Minneapolis, St

☆ Opinion | Why Conservative and Liberal Catholics Can’t Escape One Another
▼ + stars: | 2024-05-08 | by ( Ross Douthat | ) www.nytimes.com time to read: +2 min

A college of supposedly conservative cardinals elected a surprisingly liberal pope. It seemed as though liberal Catholicism had been merely hibernating, awaiting a new pope, a new spring. But lately, in both Rome and the United States, I’ve had conversations with well-informed Catholics in which the old conservative confidence has made a comeback. The fear that the next pope might be another liberalizer, younger and more ambitious than Francis, has largely receded. This new confidence reflects a specific reading of the waning years (or what are probably the waning years) of the Francis pontificate.

Persons: Pope Francis, Pope John Paul II, Pope Benedict XVI, I’ve, Francis Locations: Rome, United States

☆ I ended up being a caretaker for both my baby boomer parents. My Gen Z friends were surprisingly understanding.
▼ + stars: | 2024-05-08 | by ( Ivannia Morton | ) www.businessinsider.com time to read: +4 min

I've always known that my parents were older than the parents — and occasionally even the grandparents — of my peers. Having older parents than my peers was both rewarding and challenging while growing up. Almost any child with older parents, regardless of the generation they were born into, can tell you they've imagined what taking care of their parents would look like. To my surprise, many of my Gen Z friends knew exactly what I was going through. You rarely tell the "outside" — be it your extended family or friends, what's going on "inside" — or in the home.

Persons: I've, —, what's, I'd

☆ Less booze, more healthcare: How the spending habits of today's millennials compare to boomers 30 years ago
▼ + stars: | 2024-05-08 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

In the intervening 33 years, how young adults spent their money changed dramatically. Millennials are spending a lot more on healthcare and rented housingHealth insurance spending stands out between the average young adult in 1989 versus in 2022. Based on average data, young adults were spending roughly 60% more on apartments and other rented housing. Before adjusting 1989 data for inflation, young adults in 2022 spent 304% more on fresh fruits than young adults in 1989. Based on our analysis, the average young adult in 2022 was spending more on nonalcoholic beverages and less on alcoholic beverages than the average young adult in 1989.

Persons: —, Harry Met Sally, millennials, Gen Zers, Grace Hill, Gen Organizations: Service, Nintendo Game, Business, Bureau of Labor Statistics, Labor, BLS, Pew Research Center, CPI, Gallup Locations: Millennials

☆ As a college professor, I'm seeing more Gen X and Baby Boomer students than ever before. They're changing the way I teach.
▼ + stars: | 2024-05-07 | by ( Lisa Chilcote Bacco | ) www.businessinsider.com time to read: +5 min

I've been a college professor for 20 years, and I'm seeing more Gen X and Baby Boomer students. I no longer lecture to the class and instead let the older students take the lead. An increasing number of college students aren't kids anymore; they're older — many of whom are my generational peers. It's changed the way students learn and the way I teach. I quickly realized they learn differentlyI've noticed that older learners engage in ways that are different from traditional college students.

Persons: I've, Baby Boomer, —, there's, Gen Xers, It's, reboots, diversifies Organizations: Service, Boomers

☆ A 62-year-old employed 'peak boomer' in California makes too much for affordable housing but lives in her car: 'I'll work until I drop'
▼ + stars: | 2024-05-06 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Cheryl Simmons, a parking lot attendant, lives in her car but makes too much for affordable housing. She lives in her car, even though she makes about $42,000 a year. She makes slightly too much for a single-room occupancy unit in affordable housing and exceeds the income limit for food stamps and other government assistance. AdvertisementSimmons is one of the 30 million "peak boomers" entering retirement age in the next few years, but most are not financially prepared to retire. A new report from the Alliance for Lifetime Income's Retirement Income Institute found that 52.5% of peak boomers have below $250,000 in assets.

Persons: Cheryl Simmons, Simmons, —, she'll, she's, ALICE —, ALICE, it's Organizations: Service, Alliance, Lifetime, Assistance, Food Locations: San Diego, Albuquerque, California, Texas

☆ I'm a boomer and will never be able to retire. At 62, I'm already using my Social Security money.
▼ + stars: | 2024-05-06 | by ( Michelle Terhune | ) www.businessinsider.com time to read: +4 min

At 62, it feels like I'm going to be working forever as a freelancer. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . I wasn't so focused on rebuilding my life that I forgot about how close I was to the traditional retirement age. By making that choice, I faced the fact that I'd never be able to retire unless I remarried well or won the lottery. And at the age of 62 and one month, I made another move financial advisors tell you not to do: I started drawing my Social Security.

Persons: I've, —, I'd, I'm, Ernest Hemingway Organizations: Service, Security Locations: Europe, Slovenian

☆ Americans will lose full Social Security benefits in 11 years, according to the program's trustees — a year later than expected
▼ + stars: | 2024-05-06 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Full Social Security benefits are expected to run out in 2035, per the program's trustees. AdvertisementAs more Americans fear being unprepared for retirement — and rely solely on Social Security — those full benefits might not be long-lived. Meanwhile, among the income that typical retirees do receive, just under 80% see income from Social Security. The latest estimates on Social Security also come as the US economy braces for a "peak boomer" wave of new retirees. That's the biggest group of boomers retiring yet, and, per that analysis, many will end up having to rely on Social Security benefits to stay afloat.

Persons: That's, —, William Arnone, Martin O'Malley, Kevin Hern Organizations: Security, Social Security, Service, National Academy of Social Insurance, Insurance Trust, Disability Insurance Fund, Social, Survey, Alliance, Lifetime, GOP, Republican

☆ A boomer retired early, sold everything, and moved to Turkey. She pays just $500 for basic monthly bills and Social Security more than covers it.
▼ + stars: | 2024-05-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

To make that happen, Crockett retired a few years ahead of schedule, collected early Social Security, and sold her house, cars, and most of her other valuable belongings. I live totally on my Social Security," she said. There's walking groups, there's jogging groups, there's knitting groups, there's yoga, there's something for everyone here." One 63-year-old said that she doesn't see her Social Security keeping her afloat due to the lingering impacts of the pandemic, which caused her to lose her job and run through her savings. AdvertisementAre you living abroad?

Persons: Debra Crockett, Crockett, she's, didn't, it's, there's Organizations: Service, Social Security, Business, BI Locations: Europe, Turkey, Turkish

☆ Man Behind California Forever, Silicon Valley's City of the Future
▼ + stars: | 2024-05-05 | by ( Hugh Langley | Adam Rogers | ) www.businessinsider.com time to read: +29 min

He sees California Forever. And if he can't undo the damage, there may never be a California Forever. California Forever may be a subdivision, but it's precisely the kind of subdivision America needs right now. But here's the thing: California Forever may be a subdivision, but it's precisely the kind of subdivision America needs right now. Places like California Forever aren't being opposed by the people who are desperate for a place to live.

Persons: Jan Sramek's, Goldman Sachs, Sramek, Reid Hoffman, Laurene Powell Jobs, Marc Andreessen —, They've, Christie Hemm, Peter Thiel, Jan Sramek, Jan, Thiel, Goldman, CheatSheet, Sramek's, hadn't, Jonas Rave, who's, —, Guy Saidenberg, Evernote, Marc Andreessen, Jane Jacobs, He's, he'd, Robert Moses, growth.y Christie Hemm, Flannery, Bronson Johnson, David George, Andreessen Horowitz, Marilyn Farley, Farley, Solano County's, Kathleen Threlfall, Bill Mortimore, California Forever's, Jessica Christian, he's, Lyle Lanley, Solano, Sam Houston, weren't, Gabriel Metcalf, You've, John Garamendi, Garamendi, isn't, they'll, latte, Christie, Travis, I've, aren't, They're Organizations: Silicon, California, BI Development, University of Cambridge, London School of Economics, Party, Rising Star, Facebook, York, Sramek's, BI Sramek, Google, American, Planners, Sacramento -, Travis Air Force Base, Area, titans, Farmers, councilwoman, California Forever, Sacramento Municipal Utility District, Air Force, Flannery Associates, Disney, San Francisco, Vallejo Naval, Historical Museum, Rep, BI, Solano, Sierra, Goldman Locations: San Francisco, It's, Sramek, California, Rio Vista, Solano County, Napa, Sacramento, Silicon Valley, America, London, Zurich, England, Czech Republic, Dřevohostice, York, British, Eastern Europe, Cambridge, Bay Area, Hayes Valley, America's cutest, Atlanta, Phoenix, Copenhagen, Barcelona, New York, Sacramento - San Joaquin, San Francisco Bay, Lake Tahoe, Toledo , Ohio, Silicon, Google's, Toronto, Big Tech, China, Calif, Springfield, Vallejo, He's, Atherton, Foreverville, Fairfield, Austin, Solano, Valley, Europe

☆ We need to talk about whatever's happening with Starbucks' drinks
▼ + stars: | 2024-05-04 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +6 min

Whatever is happening on the Starbucks menu right now is making me feel like I'm a senior citizen. AdvertisementThe rise of complicated, multi-ingredient sweet drinks has coincided with the rise in popularity of the Starbucks app, accelerated by the start of the pandemic in 2020 when many locations couldn't take walk-in orders. I tried the newer Starbucks drinks myselfMy Oleato Golden Foam Iced Shaken Espresso with Toffeenut drink, which was 360 calories and tasted like coffee ice cream. Katie Notopoulos / Business InsiderI acknowledge I'm a bit of a crank when I say: The Starbucks menu is out of control. (I should note here that my grande iced drink was 360 calories, which does seem like a dessert treat rather than a morning coffee.

Persons: —, anyone's, It's, lattes, chino, Lindsey Wasson, Katie Notopoulos, slurped Organizations: Service, Business, AP Locations: TikTok, chino

☆ A 64-year-old 'peak boomer' worries his savings and Social Security won't be enough to retire: 'My biggest fear is finding myself at 75 standing at the door at Walmart.'
▼ + stars: | 2024-05-03 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

Kirsch is hoping to start collecting Social Security checks in a couple of years, just before his 67th birthday. Related storiesFor many, Social Security won't be enough to fill the gaps. As of March 2024, the Social Security Administration said that its average monthly check sent to recipients is $1,774.83. And, if lawmakers don't intervene, the US Social Security fund is set to dry out by the late 2030s. "Start saving and do it as aggressively as you can," he said.

Persons: —, David Kirsch, Kirsch, Hill , New Hampshire —, he's, Kirsch isn't, didn't Organizations: Service, He's, Business, Walmart, Survey, Income, Social, Social Security Administration, US Social Security Locations: Caribbean, South America, Hill , New Hampshire

☆ Red Lobster brought seafood to the masses. Now it’s on the verge of bankruptcy
▼ + stars: | 2024-05-03 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +11 min

While it was a delicious deal for customers, it was terrible for the company: Red Lobster lost $3.3 million in seven weeks. The deal was once again too popular, and Red Lobster was unprepared for its customers’ insatiable lust for discounted shellfish. Red Lobster is now reportedly considering filing for bankruptcy protection to restructure its debt and shed some of its 650 US locations. Red Lobster stallsBut Red Lobster fell behind its sister brand Olive Garden under Darden. In 2021 and 2022, Red Lobster brought on a new CEO, chief marketing officer, chief financial officer and chief information officer.

Persons: Lobster, “, ”, John Gordon, Michael Nagle, Alex Susskind, General Mills, Bill Darden, Charley Woodsby, Darden, ” Woodsby, Jonathan Maze, Betty Crocker, Red, Glen Martin, Mills, ” Joe Lee, Olive, Red Lobster’s, “ Darden, ” Les Foreman, Justin Sullivan, they’ve, Les Foreman, Thiraphong Chansiri, ” “, ” Chansiri Organizations: New, New York CNN, Lobster, Thai Union, Bloomberg, Getty, Red Lobster, CNN, Cornell University, Baby Boomers, General, Howard, Restaurant Business, Darden, Denver Post, Harvard Business School, Longhorn, Darden Restaurants, Gate, ‘, Thai, “, ” Thai Locations: New York, United States, Bangkok, Thai, underinvestment, Lakeland , Florida, Orlando, America, Olive, Sale, Thai Union, Thailand

☆ Viking shares rise more than 10% after cruise line operator's market debut
▼ + stars: | 2024-05-01 | by ( Seema Mody | ) www.cnbc.com time to read: +1 min

Aerial view of the Viking Jupiter cruise ship anchored in the port of Montevideo, on January 5, 2022. Viking is not your typical cruise operator. In fact, the cruise line doesn't hide the fact that it is going after the high-income baby boomer. The luxury cruise line was targeting a $10.4 billion valuation in its initial public offering on the New York Stock Exchange on Wednesday, making it the third-largest cruise operator after Royal Caribbean and Carnival . Norwegian Cruise Line is the fourth largest.

Persons: Torstein Hagen Organizations: Viking Holdings, Viking, CNBC, New York Stock Exchange, Royal, Cruise Locations: Montevideo

☆ I left my $90K job to take care of my mom full-time. Now I make less than minimum wage.
▼ + stars: | 2024-05-01 | by ( Jane Ridley | ) www.businessinsider.com time to read: +5 min

Alma Valencia, who once earned $90K in fashion, cares for her mom with dementia for $17.50 an hour. She is part of the "sandwich generation," simultaneously caring for her mom and her children. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . It made sense because we wanted the best for her — and our family struggled to afford full-time, outside help. I was stretched thin as a so-called "sandwich generation caregiver."

Persons: Alma Valencia, —, Mom —, Amelia, Daniel, texted, Alma Valencia I'd, Juan, Caregiving, what's, I've, I'm, Mom Organizations: Service, Social Security, Alma, Business Locations: California, Valencia, San Francisco

☆ A boomer explains why he left coastal Florida for a rural Arkansas town of 900 residents
▼ + stars: | 2024-04-29 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

So he decided to move from his city of 24,000 along the beach to a town of just 900 in rural Arkansas. While many older Americans continue moving to Florida, some have told BI that Florida has lost its feeling of "paradise." AdvertisementLeaving Florida and settling in ArkansasNovak was born in New Jersey but moved to Florida at 19. His wife wanted to sell his 4,000-square-foot Florida home, as their kids had moved out, and he and his wife wanted to downsize. AdvertisementMilan Novak bought his small home for $38,000 a decade ago in Mammoth Spring, Arkansas.

Persons: —, Milan Novak, he's, Novak, they'll, Arkansas Novak, Novak Fulton, there's, you'd, I'd Organizations: Service, Business, Chrysler Dodge, South Central, Realtors, Novak Fulton County, Walmart, Social Locations: Arkansas, Florida, Missouri, New Jersey, Edgewater, Daytona, Florida's, Willow Springs, Missouri's Ozark, Spring , Arkansas

☆ China's submarine force is stressed by their more realistic training for combat
▼ + stars: | 2024-04-28 | by ( Michael Peck | ) www.businessinsider.com time to read: +9 min

Chinese submarine crews are training to operate farther into the Western Pacific. AdvertisementChina is forcing its submarine crews to endure more intensive and realistic training exercises. Ironically, while rigorous training is intended to create a more skilled and aggressive submarine force, these changes could backfire. "What the literature does suggest is that the PLAN submarine force is simultaneously incorporating a wide range of new operational guidance, platforms, and technologies that are pushing the crews and equipment of the PLAN submarine force in ways they have not been stressed before." "But it still must improve further to be capable of supporting what is expected of the submarine force."

Persons: —, Christopher Sharman, Terry Hess, evaluators, VCG, Crews, submariners, Sharman, Michael Peck Organizations: Pacific, Service, Training, China Maritime Studies, US Naval War, People's Liberation Army Navy, PLA, PLAN, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: China, Pacific, Western, Soviet, Russia, Ukraine, Forbes

☆ The 'peak boomer' crisis might only get worse: A fifth of Americans 50 and up have no retirement savings, and the majority are worried they won't have enough money
▼ + stars: | 2024-04-26 | by ( Juliana Kaplan | Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Americans say they don't have enough money for retirement, with a solid chunk having no savings at all. At the same time, the economy is about to see the "peak boomer" generation retire and deplete their savings. Tourangeau is part of a generation of older Americans who don't feel confident in their financial situation. Any of those who leave the workforce to retire may need to rely on any retirement savings they have built. AdvertisementAre you a peak boomer or older American worried you won't have enough money for retirement?

Persons: —, Pam Tourangeau, let's, it's, Indira Venkateswaran, Venkateswaran, Nancy LeaMond, LeaMond Organizations: Service, Congressional Research Service, AARP, Research, Savings, Americans, Federal Reserve, University of Michigan Health, Alliance, Lifetime, Security, Social Security Locations: America

☆ A 63-year-old peak boomer is 'incredibly scared' Social Security won't be enough to cover her expenses in retirement: 'I'll probably need to work until I die'
▼ + stars: | 2024-04-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

She's part of the "peak boomer" cohort, most of whom will rely on Social Security in retirement. I was somebody who did really well, and it's very disheartening because I have no idea what's going to happen with retirement," Senffner told BI. "My husband and I are both a year and a half from retirement age, but I think I'll probably need to work until I die because there's no money." Just Social Security isn't going to cover that." And with the Social Security fund set to dry out by the late 2030s — unless lawmakers intervene — Senffner is "incredibly scared" about her future.

Persons: Diane Senffner, She's, —, doesn't, Senffner, she'll, Diane Senffner Senffner, hasn't, it's Organizations: Social Security, Service, Business, Alliance, Lifetime, Income, Security, Survey, Walmart, AARP

☆ Opinion: Melania’s complicated ‘stand by your man’ routine
▼ + stars: | 2024-04-24 | by ( Opinion Jill Filipovic | ) edition.cnn.com time to read: +6 min

The days of women standing up next to their philandering husbands should be well in the rear view. Melania’s decision to stay married to Donald despite very public evidence of an affair is her choice to make. (Her decision to stay married to a man who very publicly cheated on his first wife, is virulently misogynistic and has stoked hatred of immigrants tells us something else about her character.) Former First Lady Melania Trump stands alongside her husband, former President Donald Trump at a fundraising event in Palm Beach, Florida on April 6, 2024. Would Donald stay married to Melania if she faced multiple very public affair accusations?

Persons: Jill Filipovic, Donald Trump, Stormy Daniels, Melania, Barron, Trump, Karen McDougal, Daniels, McDougal, Donald, Lady Melania Trump, Alon Skuy, Bill Clinton, Idaho Sen, Larry Craig, Craig, Eliot Spitzer, Silda Wall Spitzer, stoically, Abedin, Anthony Weiner, Former Louisiana Sen, David Vitter, Wendy, presser, ” premised, –, Chip Somodevilla, She’s Organizations: Twitter, CNN, Republican, Former New York Gov, York, Former Louisiana, Rochester Opera House Locations: New York, Manhattan, Palm Beach , Florida, Idaho, Paris, Rochester , New Hampshire

☆ Ready or not, the youngest boomers are retiring
▼ + stars: | 2024-04-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

AdvertisementThe majority of so-called "peak boomers" have $250,000 or less in assets , according to a recent report, write Juliana Kaplan and Ayelet Sheffey. If you're a bit surprised by the dire economic situation of peak boomers, I wouldn't blame you. Older boomers had the benefit of employer-subsidized retirement plans before a shift in the workforce left younger boomers to fend for themselves. Alistair Berg/Getty ImagesPeak boomers' retirement struggles might end up being a wake-up call for younger generations. There will be plenty of lessons learned from peak boomers entering retirement without the safety net of a pension.

Persons: —, blowup Jacob Wackerhausen, Jenny Chang, Rodriguez, Juliana Kaplan, Ayelet Sheffey, that's, we've, boomers, Alistair Berg, Xers, Gen Zers, Bryan Erickson, Jane Street, Chowdhury, Elon Musk, they'd, Tesla, Tony Stubblebine, Nick Little, Dani Widell, BI's Emily Stewart, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Business, Service, Social Security, Security, Google, Wall Street, JPMorgan, Detroit Police Department, Tesla, BI, Verizon Locations: Covid, China, Europe, Airbnb ., America, New York, London, Chicago

☆ Cher, Dave Matthews Band and A Tribe Called Quest Join Rock Hall of Fame
▼ + stars: | 2024-04-21 | by ( Ben Sisario | ) www.nytimes.com time to read: +1 min

Cher, Ozzy Osbourne, Peter Frampton and Mary J. Blige are part of the Rock & Roll Hall of Fame’s class of 2024, along with Dave Matthews Band, Kool & the Gang, Foreigner and A Tribe Called Quest, the hall announced on Sunday. The latest crop of stars will officially join the pantheon in a ceremony on Oct. 19 at Rocket Mortgage Fieldhouse in Cleveland, where the hall’s affiliated museum is also located. Of those artists, four were elevated to the hall on their first nomination: Cher, Foreigner, Frampton and Kool & the Gang. Osbourne was nominated for the first time as a solo act, though he had joined the hall as part of Black Sabbath in 2006. The Rock Hall has come under increasing pressure in recent years to diversify its ranks with more women and artists of color, and has made progress in that regard, though some critics say it is not enough.

Persons: Cher, Ozzy Osbourne, Peter Frampton, Mary J, Blige, Dave Matthews, Osbourne, Frampton, Foreigner, X, Matthews Organizations: Roll, Rocket Mortgage, Kool Locations: Cleveland

☆ Welcome to 'peak boomer' era: A wave of retirees is about to blow through their savings and cling to Social Security to stay afloat
▼ + stars: | 2024-04-19 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Over 30 million "peak boomers" are entering retirement financially unprepared. This cohort is known as "peak boomers," and per the report, most of them are on track for significant economic headwinds. It's what some have called the boomer retirement bomb — and it might be costly for the rest of the workers in the economy. The peak boomers' retirement wave could also impact the overall US economy. And, per Business Insider's calculations of CPS ASEC data, 79.2% of retirees receive some type of Social Security income.

Persons: —, Robert Shapiro, boomers, Pam Organizations: Social Security, Service, Alliance, Lifetime, Income, Federal Reserve, University of Michigan Health, Commerce, Economic Affairs, Boomers, Consumer Expenditure Survey, CPS

☆ A boomer who moved to Panama after years as a bartender in the Hamptons and New Mexico outlines the pros and cons of living in Central America
▼ + stars: | 2024-04-13 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

George Stumpp, a retired bartender, lives comfortably in Panama after moving from New Mexico. He said Panama has robust infrastructure, a lower cost of living, and many of the same stores as the US. AdvertisementGeorge Stumpp, 65, worked as a bartender and bar supervisor in Long Island and New Mexico for decades. He's enjoying retirement in a country with a lower cost of living and high-quality healthcare, and he said he's enjoyed adapting to Panamanian culture. As his kids got older, he started to vacation in Central America, traveling to Costa Rica, Belize, and Panama.

Persons: George Stumpp, —, he's, we've, Stumpp, it's, Long, there's Organizations: Service, Panama City, Central, Business, Hamptons, Sante Locations: Panama, New Mexico, Long Island, Panamanian, Colombia, Thailand, St, Maarten, Long, Sante Fe, Santa Fe, Central America, Costa Rica, Belize, Ontario, Canada

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