For much of the world, retirement can seem like a long ways away. Most of us have a feeling that things will just work themselves out. The reality is, you have to take care of yourself and your family and that no one else is going to do it for you.
We have been trained to believe that we will be safe because of the 3 legged stool of retirement planning. Those three legs are social security, pensions, and 401(k)’s. We need to be aware of the perils of relying on these three legs to hold us up for when we retire.
Almost everyone knows that social security is in trouble. The promise of social security is that there will always be enough workers to support the smaller amount of retired and disabled people who collect social security checks.
The problem is that we are spending social security funds at a rate that will not be able to keep up with the growing number of persons collecting it compare to the amount of workers contributing to it.
“By the year 2042, the entire system would be exhausted and bankrupt,” said President George W. Bush not long ago. He also appealed to parents: “If you’ve got children in their 20s …...
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