4 Reasons You May Never Get to Retirement

Retirement is gaining on you, so don't make these clear mistakes

    View All  

4 Reasons You May Never Get to Retirement

Relying on Social Security

Another way to ensure that you’ll never retire is by thinking Social Security benefits will cover your living expenses. It’s hard to believe it, but one-third of seniors today rely on Social Security for 90% or more of their income, according to the National Academy of Social Insurance. Considering the deteriorating state of the system, we can’t even rely on its survival, let alone a crutch in retirement.

Approximately 63 million Americans collect Social Security benefits today. By 2035, that number could soar to 91 million. With a potential $124 trillion shortfall over the next 75 years, we may very well live to see the system’s demise. Add to that another $222 trillion in unfunded pension and healthcare obligations for government retirees, and you’re better off not expecting a dime from Uncle Sam.

Those are four sure-fire ways to ensure that retirement is out of the question. The sure-fire ways to ensure you will retire are by saving consistently, investing wisely, spending moderately and taking financial matters into your own hands.

Written by Karen Ricci

1 2 3 4 5 View All
 

Article printed from InvestorPlace Media, http://investorplace.com/2014/03/retirement-401k-social-security/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.