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