Advice For Young Retirees
Barbara Morris During the Depression of the 1930s, an Irving Berlin tune with the lyrics “Everybody’s doin’ it, doin’ it, doin’ it” was popular. I don’t know what everybody was doin,’ but it had a happy sound that made you feel better about tough times. Fast-forward to the present and the lyrics are still relevant: Everybody’s doin’ it, doin’ it, doin,’ it , and what are they doin’? They are retiring. When Social Security went into effect, no one could envision the many ways government-sponsored retirement would affect future generations. A joint study by Washington and Cornell Universities concluded that 64 percent of retirees depend on Social Security for half or more of their income; 29 percent rely on it for 90 percent of their income; 18 percent rely on it for all their income. Researchers also say that by age 75, nearly a quarter of those elders will have experienced poverty, and the percentage rises as one ages. Poverty in retirement is not just a statistic; it’s a gr...