Experts Discuss Retirement Planning and $1.6 Trillion Welfare Spending in 2023

Recent discussions have highlighted various aspects of retirement planning and welfare spending in the United States. Welfare spending has seen a significant increase, with means-tested social-welfare spending totaling $1.6 trillion in 2023, absorbing 72.6% of unobligated general revenue. Welfare payments have increased 780% since 1967, which is 9.2 times the rise in income earned by the average household. Proposals for mandatory welfare work requirements for able-bodied adults are being discussed as a potential solution to improve the nation's finances. Divorce rates among people aged 50 and older have also increased, posing additional challenges to retirement planning.