A Bit Worried About Social Security?
If you’re worried about social security being around when it’s time for you to collect, you’re not alone. Many Americans think the financial stability of social security is getting a bit shaky. Those most worried are the ones who seem most care-free about it.
Will You Collect?
If you are close to retirement age then you should be in good shape. If you are far from retirement age you may want to start saving a lot of money because you may not be able to rely on social security for any retirement income.
Will You Be Left Out?
The problem is that young people who still have the advantage of time on their side are the most care-free about social security. They seem to understand that social security will not supplement their retirement income but they do not seem to urgent about building their own retirement nest eggs. Maybe they just plan on working well past their retirement ages.
Working ‘Til Death
Young people still love their work and feel healthy enough to keep up the work hours that are demanded of them. If they think they can work forever they will be in for a big surprise when they start feeling the effects of old age…less sleep, more aches and pains and less interest in working.
The way for young people to avoid this fate is to save and invest as much as they can afford to as early as possible. Social security will not be available for them so they need to prepare for their retirement by building up other sources of income for themselves.