We have all heard the caution for many years now about the Social Security retirement system. Some analysts provide cautions that are dire forecasts of doom while others inform us that the issue can be fixed. Do you need to be stressed and if so what can you do about it?
The Social Security Administration supervises a variety of federally funded programs, including the Social Security retirement program. Retirement benefits are planned to be the savings on which employees can count when they reach their golden years. Although never ever meant to be a gold mine, Social Security advantages as soon as supplied enough month-to-month earnings for a couple to make it through. Increases in Social Security benefits have not kept up with the increasing cost of living. Since 2012, the typical regular monthly Social Security advantage check was $1230 which may still offer adequate cash to live on, but hardly. Regardless of whose predictions you select to listen to, there seems to be no doubt that the Social Security advantages program is in trouble.
The crux of the problem is easy– as the child boomer generation prepares yourself to retire, there are simply insufficient people working to support their retirement. Not that there aren’t other problems with the system, but this is a big one. You pay into the Social Security system throughout your life time, that cash funds existing retirees. In theory, when it is your rely on retire individuals who are working at that time will fund your retirement; however, if there are inadequate people working, advantages will decrease or vanish entirely. While political leaders are working behind the scenes to come up with a service, you should be dealing with your own individual solution.
Don’t rely on Social Security to fund your retirement. If it exists when the time comes, then consider it extra money. For now, produce an estate plan and monetary portfolio that concentrates on retirement income. Take a seat with your monetary consultant and your estate planning attorney and make certain that you will be financially safe and secure when you reach your golden years without Social Security benefits. If Social Security comes through, take the family on a journey around the world!