I am 25 years old, will social security be there when I retire?
2007-09-29 10:40:00 · 4 answers · asked by nebula 6 in Business & Finance ➔ Taxes ➔ United States
Almost certainly. Congress cannot afford to let Social Security fail. The longer they wait the more painful the fix will likely be but it will be fixed. Of that there is little doubt.
If you're planning on Social Security for your entire retirement funding you'll be in a world of hurt. It is not and never was intended to be the sole means of support in retirement. As a component of a well though out retirement plan it will be there. But as you are only 25 years old right now you have over 40 years to prepare for your retirement and plan for a comfortable one.
Whether you eat dog food or filet mignon in your golden years will depend upon the choices you make today and over the next 40 years.
2007-09-29 13:05:44 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
candidly?
why worry about it , unless u want to live at such a low standard of living.
SS is there as a catch all for those who don't know any better.
suggest a visit daveramsey.com to learn what the poor won't.
25yrs old open a IRA funded at 2000$ yr or 166.67$mth for 10 yrs ='s roughly 2,000,000$ in your account at 65 OR you can 'wish' for a good life on SS.
2007-09-29 11:48:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
according to dave ramsey, no.
make other plans to save for your future just in case.
in 2041, it will be paying out more money than it's taking in.
how to fix it? the dems will raise your taxes yet again of course... their answer to everything.
2007-09-29 10:49:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Very unlikely.
2007-09-29 10:47:09 · answer #4 · answered by michele 7 · 0⤊ 1⤋