Worried about your Social Security? Take control of your savings!
A recent nationwide survey revealed that about 59% of future retirees are worried that Social Security won’t be able to pay it’s future benefit obligations. That concern is well-founded, given the fact that starting next year, Social Security’s income will be less than needed to pay beneficiaries, meaning withdrawing money from the Trust Fund will start. And, according to current predictions, the Trust Fund will run out of surplus money in 2035. Although it’s possible, even probable, that Congress will step in to avoid a cut in future benefits, future retirees are well-advised to hedge their dependence on Social Security by bolstering their savings, starting now. In this Motley Fool article by Maurie Backman, the author offers some thoughts on why, and how, saving for your own future is an important way to ensure your financial comfort during your retirement years. Click here to read more.