As the future of Social Security is on the line in the 2024 presidential election, Yahoo Finance senior columnist Kerry Hannon breaks down the pressure Americans are feeling when it comes to retirement planning, especially as President Biden made the tough decision to withdraw from his reelection bid.
Hannon explains that self-awareness is critical when planning for retirement, breaking it up into two lines of thought: the personal piece and the financial piece in this decision.
“It’s really being able to look at yourself and be honest and say, ‘What is my motivation for continuing to work? How is my health? What are my goals?'” She notes that this aspect can be hard for many people who avoid thinking too far ahead, but it can be easier with help from a therapist, retirement coach, or friends and family.
For those who have to continue working because they do not have enough savings to comfortably retire, Hannon encourages them to take a closer look at their overall finances.
“Give yourself some space to really look at all of your expenses. It doesn’t have to be down to the exact number, but what are some of the non-negotiable expenses you’re going to have moving forward? And what are the ones that are going to be more flexible? Once you get a bead on this sort of thing, you might figure out ways to get lean and mean,” Hannon says.
For more expert insight and the latest market action, click here to watch this full episode of Wealth!
