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Retirement Savings Troubles
Everyone is talking about the solvency issue facing the Social Security trust fund. The trust fund is projected to run out in 2034 leaving many facing benefit cuts should no solution be implemented before then. However, the bigger problem in most American’s retirement is a lack of personal savings. As much as 45% of Baby Boomers have absolutely no savings put away for retirement and they are rapidly reaching, if they haven’t already reached, retirement age. Although the layman may not be able to save Social Security, they can still put themselves in a better position for retirement. It is never too late to start saving for retirement, it will be harder for sure but it is still doable. For information regarding this subject visit this article by Michael Douglass with The Motley Fool.