Retirement in 2026 could look quite different from the retirements of previous generations. A number of factors are reshaping the retirement landscape, from higher-than-average inflation to new policy changes under President Donald Trump’s second term. To assess just how different retirement could look, I asked ChatGPT what the “new normal” for retirees will look like next year and how to prepare. It suggested that retirees should plan for more uncertainty, greater personal responsibility and a longer ret ...

Key Points It's vital to plan for your retirement, long before you retire. Ideally, you should aim to have multiple income streams. Estimate your future expenses carefully and comprehensively. The $23,760 Social Security bonus most retirees completely overlook › What's the single most common retirement planning mistake people make in their 50s? I'd say that it's not reading up on retirement and how to plan well for it, so that they don't end up facing unpleasant surprises. If you haven't planned ...

Core Insights - Inflation reached a 3% annual rate in September, leading to a 2.8% increase in Social Security benefits for over 71 million Americans [1] - Many individuals are optimistic about their retirement but lack proper planning to ensure they can cover essential expenses [3][4] - A significant portion of the population has not factored in inflation and healthcare costs into their retirement planning, with 55% of Americans overlooking inflation [4][5] Retirement Planning Concerns - Survey results indicate that 89% of Americans believe they can cover essential retirement expenses, but this confidence is not backed by adequate planning [3] - The rising cost of living, including rent and healthcare, is not being considered in retirement strategies, which could lead to financial shortfalls [4][5] - Millennials are particularly confident about their future but may not have enough time to adjust their plans as they face uncertainties regarding government benefits [6][7] Global Perspective - Concerns about government retirement systems are widespread, with individuals in the US, Brazil, Mexico, and Japan expressing doubts about the reliability of benefits [8] - The generational divide shows that millennials anticipate greater challenges in retirement, including the burden of caring for both adult children and elderly parents [10]