Here are a few things you should know about Social Security, before you decide to retire. Plan early and you can be prepared for your future with less worry.
What is the future of Social Security? Statistics tell us that by 2035, the U.S. population over the age of 65 will number 78 million (compared with 56 million today).
When will Social Security run out? It is projected, that by 2035, Social Security reserves are estimated to be totally depleted. Social Security payments would need to be cut by 23%, if Congress fails to solve this issue.
At the current rate of social security and the retired population, this presents big issues for Americans.
Did you know that: 62% of today’s retired workers lean on Social Security to provide at least half of their monthly income? So, what can you do? Save and strategize now! You may have other bills, but saving for retirement needs to become a priority. Remember, 62% of Americans are in trouble at the current rate of spending and saving for retirement. That may be because they put other needs and wants ahead of saving for retirement. Giving time for compounding interest and growth will be crucial for your outcome.
The important thing to know about retirement is this: Don’t wait to save! You can’t make up for compounding growth in retirement income if you don’t save now. It’s okay to start small and let it build.
Planning for Medicare is also a factor of retirement. If you would like to talk to a health insurance specialist, or to get personalized advice on Medicare or medical insurance planning, call The Insurance Nana.
Even if retirement is 40 years away, don’t miss out on potentially precious years of gaining compound growth.
Links used in our article:
1 Social Security Administration, Fact Sheet, June, 2019 https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf
2 Caplinger, Dan, 2019 Social Security Trustees Report: The 5 Things You Need to Know https://www.fool.com/retirement/2019/04/23/2019-social-security-trustees-report-the-5-things.aspx
3 Williams, Sean, 55 All Inclusive Social Security Facts, Feb 2019 https://www.fool.com/retirement/2019/02/03/55-all-inclusive-social-security-facts.aspx