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☆ A boomer couple that was 'watching every single penny' they spent in the US moved to Portugal 2 years ago — and money isn't a concern for them in retirement anymore
▼ + stars: | 2024-05-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

After researching affordable places to live in retirement, Ann and her husband settled on Portugal. "Our quality of life is so much nicer because we're not worried about money like we were in the States," Ann said. AdvertisementWhile Ann was able to live comfortably in retirement abroad, many older adults in the US are struggling. "We understand how hard it is to try to accumulate enough money to retire and stay in the United States," Ann said. Advertisement"The United States is a very difficult country to retire in," she said.

Persons: Ann, she's, We've, We're, they've, we're, Diane Senffner Organizations: Service, Business, BI, Social Security, Survey, pats, Social Locations: Belize, United Kingdom, Mexico, Hawaii, Arizona, Scottsdale, Portugal, United States

☆ A 62-year-old boomer without a college degree can't land a higher-paying job — and she doesn't see herself ever being able to fully retire
▼ + stars: | 2024-05-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

She anticipates having to work part-time in retirement to supplement Social Security. And I was always counting on Social Security, knowing I can't live on it only, but I just thought it would be more than what it's going to be." Crystal has just over $70,000 in savings, according to documents verified by BI, and she anticipates getting around $1,200 a month in Social Security. AdvertisementIt means that a lot of them will primarily rely on Social Security — and the program is projected to no longer be able to pay out full benefits by 2035 unless Congress intervenes. Related storiesCrystal said that with all of her daily expenses, her finances are strained, and she doesn't think she'll ever be able to fully retire.

Persons: didn't, —, Crystal —, that's, she's, She's, I've, Crystal, they're, Diane Senffner, Senffner, — Crystal, I'm Organizations: Social, Service, Business, Social Security, BI, AARP, Alliance, Lifetime, Security, Bills, Wall, Walmart

☆ 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

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