In an unsettling revelation from a recent Axios Des Moines report, about two-thirds of Americans aged over 55 are considering delaying their retirement or are unsure when they will be able to retire. Even more concerning, 20% of Americans over this age bracket believe they will never retire. This reflects the growing financial insecurity and economic challenges American citizens face in their golden years.
The report also highlights the retirement income scenario in Iowa and how it differs from the national trend. Starting from January 1, according to the new legislation, income tax on retirement income has been scrapped in Iowa to the delight of many retirees.
Despite the economic uncertainties swirling at the national level, Iowa stands on solid financial ground. Compared to other states following the Bidenomics playbook, Iowa’s budget is robust and the state's financial condition is positive. Several factors, such as revenue optimization, budget surplus forecasts reaching approximately $2 billion, and maximized reserve accounts have shielded Iowa from the financial turbulence seen in other states.
