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Will 2025 be your year to retire?
Well, maybe not.
This is a list of the most importantchallenges you will likely face.
Much worse is that healthcare costs are rising faster than overall inflation.
Inflation and Cost of Living
In 2022, inflation reached a rate of 9.1%.
For retirees, this means that everything in your savings has decreased in value by a substantial amount.
This high inflation environment means retirement plans may need to be delayed as things become so much more expensive.
Further, whileSocial Security benefitsare inflation-indexed, they do not keep pace with inflation increases.
This led to discontent among retirees, many of whom lived on these benefits without further assistance.
This is the risk of withdrawing from your savings and slashing them while the market plummets.
Social Security Uncertainty
Social Security is an important source of income for most retirees.
But the future of that program is iffy.
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