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Grads: Social Security Will be There for You, But It Won’t Be Enough
Young folks stepping into a career aren’t likely to pay much attention to the other end of the spectrum…their retirement years. That’s a given, and besides, Social Security will be there when it’s needed, despite the hoopla about insolvency, benefit reductions, and so on. Yes, Social Security can be counted on to shoulder part of the load in retirement. Still, the continued erosion of purchasing power among seniors relying on their monthly Social Security benefits will likely persist as a problem. The ratio of benefits to living expenses is likely to worsen in the decades ahead.
So, what should you do? Play the long game, says an article by CNBC’s Meredith Mutter. The advice outlined in the article encourages new graduates to start early in a disciplined savings program, beginning small but staying focused. Ms. Mutter quotes Brad Klontz, a financial psychologist and author, “…getting started, getting into the routine of investing at a young age, is key.” The article continues to explain the basics of using a building block approach to investing, beginning with low-cost funds and gradually expanding from there.
Read the article in full here…