Lower-income groups have always struggled in retirement and rely on Social Security, Ghilarducci noted. But if they endure protracted unemployment or involuntary retirement, “it’s middle-class older workers who will draw down their nest eggs,” years before they had planned. She and other economists have urged Congress to again raise unemployment benefits to keep older workers from falling into poverty. She had intended to work until 70, to receive the maximum in Social Security benefits and to rebuild her savings. That is still her plan, but if unemployment stretches on, she said, she might look into taking Social Security before her full retirement age.

Source: bd News24 August 29, 2020 09:45 UTC