As retirement age goes up, Lincoln financial expert says you can’t count on Social Security

LINCOLN, Neb, (KLKN) – A local financial expert is warning people to not be so reliant on Social Security as the retirement age slowly increases.

Many people think of 65 as retirement age.

But it has been slowly increasing over time as the life expectancy goes up.

This year, those born in 1959 will become old enough to get their full benefits once they turn 66 years and 10 months old.

But for people born in 1960 or later, you’ll have to wait until 67.

Although the retirement age is leveling out there for now, Tim Kulhanek, a financial adviser and founder of Stonebridge Wealth Systems, said it’s likely that the age will increase again in the future.

And there’s another time element to Social Security.

By 2035, the Social Security Board of Trustees said there won’t be enough money to pay people a full check every month.

For younger people, Kulhanek suggests “preparing for retirement based off my own resources as best as I can and not on this government program that is already looking like it’s going to have a shortfall within the next decade.”

Kulhanek said part of the problem is that people are relying on the benefit too much.

“Social Security was never designed to be ‘the retirement strategy,’” he said.

He said people 40 years old or younger should think, “How am I going to survive retirement assuming that Social Security isn’t there?

“And then if it is, that’s just the gravy on top, so to speak,” Kulhanek said. “I wouldn’t be counting on it to make it one day to the next.”

He said many people simply need to better educate themselves on Social Security.

“It really comes back to personal responsibility and that you have to be your own main source of retirement income,” Kulhanek said.