Laid-Off 60-Year-Old Faces 2-Year Gap to Social Security With No Retirement Savings
Updated
Updated · Yahoo Finance · Sep 19
Laid-Off 60-Year-Old Faces 2-Year Gap to Social Security With No Retirement Savings
3 articles · Updated · Yahoo Finance · Sep 19
Summary
George, a 60-year-old in Little Rock, lost his job in a restructuring with virtually no retirement savings, leaving him dependent on Social Security that he cannot claim for another two years.
That gap is especially hard because Medicare is still five years away, making health insurance one of the most urgent costs to cover after losing employer-sponsored benefits.
Social Security alone offers limited relief: the average retired worker received about $2,086 a month in July 2026, and claiming at 62 would reduce benefits versus waiting longer.
George’s predicament reflects a wider strain among older Americans: a 2024 AARP survey found 1 in 5 people age 50 and older had no retirement savings, while 61% feared they would not have enough later.