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With election day just over two months away, the fate of Social Security hangs in the balance as millions of Americans await their future, especially those nearing retirement.
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Find Out: The Average Retirement Age in 2024: US vs. Canada
Donald Trump promises tax cuts but doesn’t address the looming issue of the Social Security Trust Fund running dry in 2035. Kamala Harris vows to make the wealthy pay their share of taxes but doesn’t offer specific details for Social Security reform.
As of late, both candidates remain vague about a plan to resolve one of the biggest dilemmas facing the future of Americans historically.
Due to inflation, many retirees have migrated to Central and South America due to its low cost of living. One of these countries is Argentina. If you’re considering retiring in Argentina, let’s examine the average retirement age in the US and Argentina for 2024, so you can compare. You don’t want to run out of money in retirement.
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Average Retirement Age in the US
The average retirement age in the US is 65. More than 4.1 million Americans turn 65 every year, according to the Retirement Income Institute at the Alliance for Lifetime Income. However, in recent decades, there’s been a trend for Americans to work longer, at least to full-retirement age which is 67.
According to Forbes Advisor, the retirement age for men in the US was 62 in 1992, and for women 57, making the average age 59.5.
Although the average retirement age today is around 65, choosing to retire will likely depend on the following important factors.
Your Health: Your health condition significantly impacts your retirement age. If you have existing health issues that make it difficult for you to work, you’ll likely be forced to retire early.
Your Geographical Location: If you live in a region with a higher cost of living, such as the Northeast and don’t want to move to a less expensive part of the country or even abroad, you might need to work longer and delay your retirement age.
Your Lifestyle: Your lifestyle preferences influence the age you retire. Do you want two homes, a yacht and a life of travel in retirement? You’ll likely need to work longer to maintain your desired lifestyle.
Your Retirement Savings: As of July 2024, the average Social Security monthly check was $1,782, which might not cover all your expenses in retirement. This means many Americans will need to rely on their retirement savings to make ends meet or live comfortably. For this reason, it’s wise to speak with a financial advisor to help you create a retirement savings plan.
Discover More: These Are America’s 50 Fastest-Growing Retirement Hot Spots
Average Retirement Age in Argentina
Argentina’s average retirement age is 60 for women and 65 for men. A couple can live comfortably in Argentina for an average of $1,750 per month and an individual for $1,250.
American expats can apply for a retirement program in Argentina once their visas are in order. To qualify for the program, seniors must provide evidence of the minimum income requirement of $2,000 a month or higher by showing their receipts from Social Security. Once accepted, retirees can receive pension benefits every month based on adjusted earnings.
Citizens of the country pay 25% of their monthly salary to social security. While all workers may be eligible to retire at age 65, their companies may compel them to wait until age 70. Until 2023, Argentinians needed to work for 30 years to be eligible for a pension but can now bypass the law by paying the difference in installments.
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This article originally appeared on GOBankingRates.com: The Average Retirement Age in 2024: US vs. Argentina
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Publish date : 2024-09-01 00:00:00
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