Here is the gloomy Picture on the state of social security. This infographic is created by my friend Craig. The concept and topic were given by me. But, before you proceed with this, I will urge you to go over social security administration’s own infographic on the state of social security fund and its future.
It’s not good, either you start saving for your retirement today, if you are not up to it or, be prepared to work till you drop. There’s no alternative in sight, that I can think of, especially for the readers who are in their forties or younger.
I am not in to fear-mongering. You’ll get your social security obviously (or presidents would step down) but, you might not get an amount you hope for today. The reason being the outflow vs. inflow gap. With Fed in deep debt I don’t think any cash infusion will take place in next few decades.
Hence, it’s time now to realize this hard-facts and start saving on your own. let’s all build up our own nest egg. I know it is hard for many. People struggle to meet the demand of their family’s current need. Still there might be some help somewhere, whether it’s by saving more money or by opening new streams of income by earning on the side. Here we really improve our finances one cent at a time.
Let us know strategies you are adopting to cope with this changing landscape. Also, will you support higher payroll taxes for social security? Let us know your opinion.