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Say Happy Birthday to Social Security Then Start Saving More
Come August, it will be 80 years since the passage of the Social Security Act. Proposed and passed under the Administration of Franklin Roosevelt in 1935, this income safety net has served hundreds of millions of Americans. By the end of the year, just over 60 million Americans will be receiving benefits; about 18 percent of the nation’s population. Has it fulfilled its promise?….If Social Security payments are just the minimum you need to get by, you’ll need a lot more in savings to maintain your current lifestyle – a LOT more. There are the millions of Americans who are not saving enough to be prepared for the retirement they may envision – the one their parents may be enjoying right now. Many financial advisers suggest your retirement income should be about 80 percent of the annual wages you earn before you begin drawing retirement benefits. If you and your spouse expect to make an annual household income of $75,000 during your last working years, your pre-tax income in retirement should be $60,000 per year adjusting for inflation. That means having approximately $944,000 in retirement savings. Read More…