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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.
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Nicoleandmaggie says
September 12, 2012 at 8:50 AMSocial Security is easy to fix. It’s Medicare you should be worried about.
http://nicoleandmaggie.wordpress.com/2011/08/12/a-much-requested-picture-about-the-future-of-the-economy/
SB says
September 14, 2012 at 8:09 AMNot sure if it is an easy fix ..
Kurt @ Money Counselor says
September 12, 2012 at 11:39 AMThe money for Social Security, Medicare, etc. can easily be found in an economy the size of the USA’s. It’s all a simple matter of priorities.
SB says
September 14, 2012 at 8:10 AMYou mean cutting elsewhere to fund social security? I am not so sure Kurt, which other areas you’ll cut from?
[email protected]&More says
September 12, 2012 at 12:14 PMI would rather save for retirement myself because I know I am disciplined enough to do so. Unfortunately most of the rest of the country isn’t. I don’t support higher payroll taxes.
SB says
September 14, 2012 at 8:11 AMYes, a lack of financial literacy, if you can can say.. People buy things to live now, not thinking about how to live post retirement.
Sean @ One Smart Dollar says
September 12, 2012 at 4:02 PMI have no faith that I will have a SS to rely on in 30 years. I wont support higher taxes because they will probably find a way to screw up the system again.
SB says
September 14, 2012 at 8:08 AMYou will have but, how much is the question. May not be much Sean! be prepared
femmefrugality says
September 12, 2012 at 4:23 PMI’m with Sean. Even if it is possible to fix, I’m planning for the worst case scenario. Always better to be prepared.
SB says
September 14, 2012 at 8:07 AMI second that!
DC @ Young Adult Money says
September 12, 2012 at 4:42 PMIf only people in their 20s and 30s realized there will be no social security when they retire, we could get a big enough voting bloc to say “enough is enough” and have true social security reform. I understand that there are people who should get it for the next few decades, but there should be a cut-off point where the program ends. Any money taken out of my paycheck towards social security is a sunk cost to me, I have zero faith that there will be social security when I retire.
SB says
September 14, 2012 at 8:13 AMI am optimistic and ready to hear social security reform bill, something in the line of health care reform bill, in next 4 years..
But people say I am over optimistic, let’s see what’s in store for us.
Michelle says
September 12, 2012 at 10:00 PM“If you wait until your 30’s, you should save 15%” is crazy to me. I really don’t think *most* 20-somethings think about savings! Maybe (hopefully), I’m wrong!
The whole thing with social security is stupid and maddening. The first people who were able to get any of it never paid any into it! Such stupidity on behalf of those who are supposed to be the ones making decisions for the rest of us lowlies.
SB says
September 13, 2012 at 12:17 AMthis is hard reality, not any more in our control.
Garrett says
September 13, 2012 at 9:24 PMI love these sorts of infographics. The one that popped out to me was truly shocking just as advertised – 46.1% of Americans die with less than $10,000 to their names. That’s absolutely nuts! Combine that with the average person living off just $1000 in Social Security and it’s actually very, very sad to think about.
Then when you consider that Social Security may implode in the not-so-distant future things look quite bleak. I try to be the optimist but sometimes it’s just too hard…
SB says
September 14, 2012 at 8:06 AMUnfortunately we have to live with it. Just think about other countries without any social security.
Fox says
September 14, 2012 at 12:59 AMVery good infographic. May i ask the tools you use for creating infographics? I haven’t’ used any of it in my presentation yet so i am planning to learn it.
SB says
September 14, 2012 at 8:03 AMActually I ordered the infographic. I can give you the contact if you want. Basically you need to have a concept, then gather the data. Make sure to clearly state the objective to the designer.
Fox says
September 23, 2012 at 12:50 PMOh i see, sounds interesting. Do you think its learn-able in a short period of time? I am interested to learn myself. Anyways, thanks.
Manette @ Barbara Friedberg Personal Finance says
September 14, 2012 at 4:44 AMI would not depend my retirement income on Social Security alone. Aside from my 401, I also have a separate account for my retirement. But I think the issue on Medicare should be resolved immediately.
SB says
September 14, 2012 at 8:05 AMThe other retirement account you have mentioned, is it IRA or Roth IRA account? I do have 401(k) with company match and IRA account. Like you, I am also not relying on SS income.