I can't stress the importance of saving for retirement enough. Chances are one day you will not have social security or pension to rely on. Only what you have saved in the form of 401K's, IRA's, or mutual funds.
The Social Security System will one day run out and the recession is taking its toll on Social Security. On Tuesday, the officials who oversee the program foresee that the Social Security trust fund will be exhausted by 2037 an entire four years earlier then estimated last year.
"When Social Security needs to draw down the 'surplus' the Treasury will have to borrow money, raise taxes or cut other spending in order to redeem the IOU's, said Charles Konigsberg, a federal budget expert at deficit watchdog group the Concord Coalition.
"Despite projection that Social Security can continue to pay full benefits for nearly 30 years, the sooner action is taken the more options for reform will be available and the fairer reforms will be to our children and grandchildren," said Treasury Secretary Timothy Geithner, a managing trustee of the program.
Don't rely on Social Security to be fixed. You must start your retirement savings plan as soon as possible. Check back to Financial Elite post frequently for retirement savings tips.
The Social Security System will one day run out and the recession is taking its toll on Social Security. On Tuesday, the officials who oversee the program foresee that the Social Security trust fund will be exhausted by 2037 an entire four years earlier then estimated last year.
"When Social Security needs to draw down the 'surplus' the Treasury will have to borrow money, raise taxes or cut other spending in order to redeem the IOU's, said Charles Konigsberg, a federal budget expert at deficit watchdog group the Concord Coalition.
"Despite projection that Social Security can continue to pay full benefits for nearly 30 years, the sooner action is taken the more options for reform will be available and the fairer reforms will be to our children and grandchildren," said Treasury Secretary Timothy Geithner, a managing trustee of the program.
Don't rely on Social Security to be fixed. You must start your retirement savings plan as soon as possible. Check back to Financial Elite post frequently for retirement savings tips.
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