will i be able to depend one social security when i retire? im currently 19 so i have a long way to go, but it still is on my mind!!
2007-05-09 15:11:23 · 15 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
Lee, you are smart to start thinking about stuff like this now, it's never to early. As for whether or not social security will be there, it's impossible to say for sure, but if I had to guess I'd say probably not, and if it is, not in its current form.
I'm several years older than you,(32) and as I have started planning for retirement, I have planned with the assumption that it won't be there. The safest way to plan, is to save, and invest as much as possible on your own, so that if its not there,you can still retire at a resonable comfort level. The best advice I could give, is first of all, become as educated as possible. Although college is expensive, the long term gain will more than offset the cost. Intelligence is not enough, if you don't have the education, it is very difficult to advance.
Secondly, save and invest as much as you can afford EARLY, with the intrest that compounds, money saved early adds up to a lot at retirement age. It isalso important, when finding employment, to when ever possible, to find one that offers a good retirement benefit, 401k's are now very common, and if the employer offers any matching funds, are a great deal. Also it is imporant to be informed about the investments you choose, often the fund managers will have someone who will help, but researching them yourself is important too.
I know it seems like a lot to handle, but it is well worth the effort, and in the end can be very rewarding. I hope that this helps.
2007-05-09 15:27:51 · answer #1 · answered by Jon B 3 · 3⤊ 0⤋
Yeah, if you want real social security, save the money like Doc said, mutual funds. If you want Social Security from the SSA don't count on it. The good news is at 19, you have a long time to save money. Imagine if you could take that 6.2% of your income that SSA steals from you, and apply it to an IRA. That's real social security, not the waste we have now. Do this math, please, let's say you work for 45 years, 6.2% of your income, compounded 8% APR, conservative rate of return. Get a financial calculator and do the math, and then compare it to what "social security" benefits are. Hopefully, we can wean ourselves off this waste and you will be saving money for your own retirement, instead of supporting others in their retirement.
2007-05-09 16:31:55 · answer #2 · answered by robling_dwrdesign 5 · 1⤊ 0⤋
Not a chance. What a great deal, eh? Tell your Congressman how happy that makes you feel.
You will have plenty of government debt to pay off when health care and Social Security sink this country ever deeper into the fiscal "Black Hole."
The Baby Boomers have financed this farce until now, unfortunately, it is time for them to kick back and retire. Good luck picking up the slack (not going to happen).
2007-05-09 16:38:09 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I suspect so, although it will probably cost you (and yours) four times what it's worth.
I am glad you are thinking about your future. Many do not - hence, SS will have to be kept in some form. But living on a subsistence amount of money is just not fun.
Save NOW. Even if it seems like a small amount. Do this wisely and you can use your SS for an extra beverage at the end of every month.
2007-05-09 15:23:55 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Plan for retirement on your own, the more you save now, the better in the long run. Go with a good 401K, or IRA's. And, if by some strange chance SS is there, it will just be a bonus. Don't figure it into your retirement. I'm in my 30's, and I doubt it will be there for me, either.
2007-05-09 15:19:56 · answer #5 · answered by steddy voter 6 · 2⤊ 1⤋
Only if the politicians on both sides will settle down and quit playing partisan games and fix the looming problems. With the current leadership, I don't see this happening.
see Fairtax.org for a possible fix to the dilemma.
2007-05-09 15:28:05 · answer #6 · answered by Anonymous · 2⤊ 0⤋
i'm 52 and planning on getting nothing from SS.
I save half my take home pay for retirement.
I suggest you do the same
2007-05-09 15:24:26 · answer #7 · answered by porcerelllisman q 4 · 3⤊ 0⤋
Vote for the man/Woman with the (D) after his/her name, and you'll see social security to help you through your retirement.
2007-05-09 15:51:02 · answer #8 · answered by Logical Rationalist 4 · 2⤊ 1⤋
Not bloody likely!
I suggest a good mutual fund with a long track record of dividends and capitol gains distributions.
I have my retirement fund with Pioneer Funds.
Doc
2007-05-09 15:17:09 · answer #9 · answered by Doc Hudson 7 · 3⤊ 1⤋
Every generation has asked this question, and it is yes. You may have to work until your 85. Just start saving now, a little bit does add up especially at your age, hitting a million will be easy.
2007-05-09 15:20:34 · answer #10 · answered by Eric R 3 · 3⤊ 1⤋