Saving for retirement should not be left to chance
Did you know nearly 40% of Americans think winning the lottery would be a good retirement plan? That’s from a survey conducted by financial company Stash. Among the young, nearly 60% of Millennials saying winning the lottery is a reasonable way to prepare for retirement. Experts note the odds of any one person winning millions are beyond abysmal, around 1 in 300 million to be exact, for huge jackpots like the Mega Millions or Powerball. In fact, it is far more likely to be struck by lightning or give birth to quintuplets than to win the lottery. But, so many people think playing the lottery is the best way to prepare for retirement because, for those who are struggling to save anything at all, even the terrible odds of winning seem better than the odds that they’ll be able to save enough on their own. Katie Brockman explains in this article what the young should be doing. Millenials have time on their side, and the magic of compound interest is their friend, if only they’d get educated on the topic. Read Brockman’s full piece here.
The Association of Mature American Citizens (AMAC) has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act”. One of its several components is Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. Learn more about AMAC’s Social Security Guarantee here…