Celebrating Senior Citizens – Today and Every Day!
Every August 21 we honor our seniors and recognize their achievements to society.
This tradition began in 1988 when former President Ronald Reagan declared August 21 to be National Senior Citizens Day. Prior to this declaration, many observed August 14 as National Senior Citizens Day when former President Franklin D. Roosevelt signed the Social Security Act in 1935.
Social Security Today
With Social Security just celebrating its 83rd birthday on August 14, many Americans are wondering if it will reach age 100 in 2035. As it currently stands, the Social Security trust fund is in deficit, and its full benefits will only last until 2034.
Americans’ reliance on Social Security suggests many will be affected if the program cannot pay out its full benefits. According to our recent data on the state of America’s workforce, Social Security still tops retirement income sources, with 78 percent of workers expecting to rely on it.
Tips to Shape Tomorrow’s Retirement Today
This National Senior Citizens Day, we encourage you to show your appreciation for the elderly person in your life by sharing these retirement savings tips, which can be executed, even as we face uncertainty around the future of Social Security.
- Connect with a financial professional.
A financial professional, like an insurance agent, who can provide qualified advice, is a great resource to have both in preparation and during retirement. Get a list of questions to ask here.
- Prioritize lifetime income.
Our retirement-readiness data found nearly 80 percent of America’s workforce is, above all, looking for lifetime income. Encourage the senior citizens in your life to look for retirement saving options that can provide guaranteed lifetime income, like fixed indexed annuities (FIAs).
- Research all available savings options as a step to diversifying portfolios.
While there is no right answer – or guaranteed sure thing – having a balanced financial plan is a proven strategy for income growth and wealth protection. For those currently relying on Social Security to create a stream of retirement income, there are other retirement savings options to consider as well:
- Utilize financial resources.
There are many retirement tools out there for your senior citizens. From online retirement calculators to retirement planning materials, help them make the small adjustments necessary for their retirement to truly be golden.
Celebrate this National Senior Citizens Day with us by sharing what you’re doing to help your senior citizen become more financially free. Make sure to tag us and use #SeniorCitizensDay!