Retirement age might come when you least expect it.
Social Security retirement age has changed for a lot of people here is a retirement age chart with that info.A lot of people in the USA are going to get to an "Oh Shit" point in their lives when either their health takes an unexpected turn or they aren't as sturdy as they thought they'd be when they get to a certain age and that is pushing them to retire without enough income.
I recently spoke with two friends one living in a trailer park who is facing the imminent death of her dad in the next week or so and she won't be able to handle the living expenses alone.
The other has been able to get public housing but only in a crime ridden building where people destroy and steal everything without conscience. She is a gentle woman who lived in the countryside for a long time and this is a nightmare for her.
Some 55+ folks give up their apartments or get a room mate. If you have been living on your own or with a spouse etc., it can be hard to change to having to put up with someone else in your immediate environment. You can at least make an attempt to ward off this situation looming ahead.
Way back in 2002 Congress added a provision that eligible people can take advantage of a tax credit for the first $2,000.00 of a contribution to an IRA.
Learn how you can save now with an IRA that is tax free either when you put the money in and take the deduction that year or pay tax on the income that year and take out the dispersion tax free.
Learn about a Traditional IRA or a Roth IRA.This might sound like a pain in the butt now but you will be a lot happier when you have to retire if you can at least get rid of car payments or whatever when the financial tragedy comes. We have a nice web page here that defines the differences between the Roth or Traditional IRA.
On the other hand there are cheaper places to retire in the USA .
Watch the video and learn more.
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