We have all heard the warning for many years now about the Social Security retirement system. Some experts issue cautions that are alarming predictions of doom while others tell us that the issue can be repaired. Do you need to be fretted and if so what can you do about it?
The Social Security Administration supervises a number of federally financed programs, including the Social Security retirement program. Retirement advantages are intended to be the savings on which workers can count when they reach their golden years. Never ever intended to be a gold mine, Social Security benefits when provided enough month-to-month earnings for a couple to survive. Regrettably, increases in Social Security benefits have not kept up with the increasing cost of living. Since 2012, the typical monthly Social Security advantage check was $1230 which may still supply enough money to survive on, however barely. Despite whose predictions you select to listen to, there appears to be no doubt that the Social Security benefits program is in trouble.
The crux of the problem is easy– as the child boomer generation prepares to retire, there are simply inadequate people working to support their retirement. Not that there aren’t other issues with the system, but this is a big one. Although you pay into the Social Security system throughout your life time, that money funds present senior citizens. In theory, when it is your turn to retire individuals who are operating at that time will money your retirement; nevertheless, if there are not adequate individuals working, benefits will decrease or disappear entirely. While political leaders are working behind the scenes to come up with an option, you should be dealing with your own individual solution.
Don’t count on Social Security to money your retirement. If it exists when the time comes, then consider it additional money. In the meantime, produce an estate plan and financial portfolio that concentrates on retirement income. Sit down with your monetary advisor and your estate planning lawyer 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 worldwide!