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If you are not comfortable, you need to set your priorities straight in life and realize that retirement will happen. One needs to be prepared and not depend on Social Security. Use it as a "supplement" which was its intended purpose.
Probably the safest thing to do is to not plan on getting anything back from Social Security. I don't. I've got 20+ years before I'd be eligible and I honestly don't think it's going to be around by then. If I'm somehow wrong and it remains solvent, great! But to depend on it being there is foolhardy in my opinion.
Good luck with that. Most retirees are depending on social security more than ever, given the economic climate.
That seems like a pretty condescending attitude to me.
Even for the people with their "priorities straight", it assumes 1) no massive hits to your 401(k)s or other investment vehicles; 2) no massive uninsured medical expenses; 3) no unexpected periods of unemployment; and/or 4) a decent income for much of your adult working life.
Unfortunately that doesn't describe most people.
By the way, Social Security wasn't designed as a 'supplement'...it was designed as a 'safety net'. Apparently you are unaware of all the people out there that the rest of us depend on to work for minimal wages so the rest of us can benefit.
Not sure how anyone can be comfortable with their retirement plans right now when just less than a year ago we experienced a 40% to 50% loss in our portfolios.
I've saved enough to buy the farm.
Why should anyone worry about saving? I thought Obama was going to take care of everything for us!
Give it a rest. Stick to the topic.
I had lots in savings until Bush became president. My husband lost his job because his company had to downsize. Only now that Obama became president have we been able to rebound.
I agree. It's nice to see my 401K nearing it's pre-2008 level.
So has mine. I left it in a stock index fund after the storm clouds cleared away and it has done well. As Warren Buffet said: "When others are brave, be very afraid. When they're afraid, be very brave."
With the earnings from CDs, 401Ks,etc... just keeping up with inflation, I have serious doubts about the future security of all but the richest Americans.
I think our situation is typical of fiscally responsible middle class Americans. We feel betrayed. We carry no debt except for our 15 year fixed-rate mortgage, save a good percentage of pre- and post-tax dollars,have a diverse portfolio of liquid and illiquid assets. Still, I feel less than confident about the future. 40% of our retirement savings was stolen by crooks in the banking system and the lame attempts of The Fed to get banks to lend money have definately hurt us by keeping liquid savings instruments earning next to nothing.
I do wonder how will manage to catch up after losing such a large chunk of f our 401K, particularly since the stock market is so volatile these days. We are currently making about 3% on our investments, which happens to be the same as what we are earning on our five year CDs! How are we supposed to build a nest egg when investment earning barely keep up with inflation?
I have to ask:
If those of us lucky enough to have incomes that allow us to squirrel away savings feel less than confident, what about the 61% of Americans who live paycheck to paycheck?
they already did look up
Obama got blamed first.
Tom, Thanks for avoiding the politics regarding retirement ... for the most part. I agree that times are "iffy". I have friends who have decided they cannot retire. I hope I have enough, but there is not way of knowing until I cross to the other side. it will be a few years before the economy levels off.
Just lucky I guess.
Have pension annuity building by double digits in this last stage of my worklife, 401K also averages in double digit growth despite the 4 market corrections/downturns in last 35 years and just by chance lucky enough to pick up some real properties > 30 years ago.
Qualify for Social Security in 3.5 years and that will be bonus.
Have been practicing living on 60% of income for last 10 years. Forced to do that when decided to pay for the kids University education expenses.
Social Security is one of a few reasonably safe insurance.
Privatizing Social Security Would Place the Nations Economy at Risk
"Social Security privatization will raise the size of the government's deficit to nearly $700 billion per year for the next 20 years, almost tripling the size of the national debt.
Put simply, moving to a system of private accounts would not only put retirement income at risk--it would likely put the entire economy at risk." ( How many more times can this nation afford to have its economy stolen)
Face it white collared criminals are threat to all of us. Most of them never go to prison.
This is what I mean:
Jeb Bush, George Bush Sr., and his son Neil Bush were all implicated in the Savings and Loan Scandal, which cost American tax payers over $1.4 TRILLION dollars (note that this was about one quarter of our national debt").
The Reagan/Bush savings and loan heist was considered the largest theft in history at the time. George Herbert Walker Bush then took $1.4 trillion of taxpayers money to cover the theft.
Dude, you posted the same links just yesterday. You're gonna wear them out & then where will you be?
How silly. Don't you know that Reagan/Bush/Cheney aren't responsible for anything ... EVER!
will never get a chance to take advantage of it, but for those that have and will; they will be satisfied.
Both Reagan/Bush and Bush/Cheney fiasco's busted many many retirement programs sending large numbers of retired people back into the job market. People in their 60's and older don't find jobs easy much less good paying jobs.
Medicare and Social Security were there to keep food on the table and medical bills paid. That is not exactly what they had in mind.
Then Lay,Skilling and other ENRON white collar criminals took other retirement accounts down to zero. Again Social Security and Medicare were there to help out but again that is not exactly what ENRON folks had in mind.
Then there was Dot Com ,Bernie etc etc etc etc.
Every sale of stock on the stock market includes the disclaimer: "the return on this investment is not guaranteed and may be negative"--for good reason.
During the 20th century, there were several periods lasting more than 10 years where the return on stocks was negative.
After the Dow Jones stock index went down by over 75% between 1929 and 1933, the Dow did not return to its 1929 level until 1953(24 years).
In claiming that the rate of return on a stock investment is guaranteed to be greater than the return on any other asset, politicians and others are lying.
If an investment-firm broker made this claim to his clients, he would be arrested and charged with stock fraud. Michael Milken went to jail for several years for making just this type of promise about financial investments.
If the Dow Jones is down at the time retirement was projected retirement may never take place at least at the level one dreamed.
Social Security and Medicare Insurance are there to supplement. Put simply, moving Social Security to a system of risky Wall Street private accounts would put retirement income at extreme risk. Between volatile markets and white collar criminals hmmmmmmm.
Yes. As long as nobody ever decides to build a building near the spot where I buried it.
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