Atlanta Daily World: Manoj Kulchania on retirement planning
Whether you are just starting your first job or have been in the labor force for decades, saving for retirement has never been more necessary to build and safeguard a nest egg for yourself to enjoy in your later years. Since the 1990s, changing economic and other conditions such as the 2008-2012 recession, have increased labor force participation for those at the older ages and full-time employment have been rising. According to the U.S. Social Security Administration (SSA), the current full retirement age is 67 years old for people turning 62 in 2022. Further, SSA predicts the number of Americans 65 and older will increase from about 57 million in 2021 to about 76 million by 2035. “People are working longer and there is a lot to do because of the housing crisis, which is the biggest expense people incur,” said Manoj Kulchania, associate professor of finance at Wayne State University’s Mike Ilitch School of Business. "Inflation sees the gas and food bills going up and it makes it hard for people to retire.“
