If you haven't already been convinced that committing to retirement savings isn't really up for argument, consider these statements from the Social Security Administration. The average monthly benefit in June 2008 was $1,084.47, but in 2041 Social Security will only be able to pay 78 percent of scheduled benefits. The Motley Fool has calculated the inflation-adjusted equivalent to be $845.89 per month.
It hurts to see the Social Security payments deducted from each paycheck and know that we won't be receiving much back, but at least we have some warning. There's still plenty of time to get going on saving for retirement so that you can live comfortably in your golden years.
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Hurts, don't it? Things like this make me glad I'm financially paranoid.
1I'm sure this is a common complaint, but I just think it is so unfair. It's likely that by the time I need social security, it won't even exist anymore. I would much prefer I be able to take that large amount of money that is deducted each month and do my own savings with it. At least then I will know it's there.
2that's almost 25% of my contribution that i'm never going to see again. spread that out over an entire career, and it's a sizable chunk of change. thank you, social security, for not protecting my investment. (and thank you, WWII vets, for coming home and having so many children that they'd someday overwhelm the system!)
i mean, anyone can see how a 22% loss on your investment is BAD, so why are we still being forced - yes, FORCED - to pay into the system? the government needs to start allowing people to opt-out, or they need to massively reform the system.
i'm sure they won't do either. i'm definitely expatriating as soon as i possibly can. i'm done throwing my hard-earned money down the drain in this country.
3makes me feel quite ill in the stomach...sigh.
4at least it's nothing new. I've been hearing since I was a kid that when I'm a grownup, I'll have to pay into SS and then not get a penny back when I'm old enough to collect. I just think of the money I pay into SS as extra income tax :-/ makes it hurt a little less.
5the social security fiasco makes my blood boil. either fix the system, or allow us to stop paying in and SAVE THE DAMN MONEY OURSELVES! it's insane that we're paying for the current retired generation, yet are going to be more or less on our own when we're older.
ugh.
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