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October 5, 2018

Social Security: Will There be Anything Left?

None of us think that there will be anything left for us.

How Long will Social Security Last?

I thought that when I was young, and now I am 69, and there is still Social Security. But it is not enough to support my family and me. Financial Freedom requires more than Social Security.

This is an old story. I used it in Financial Programs years ago, it makes an excellent point.

The Select Few

Let's begin with 100 people all entering the workforce at the same age. What happens to them on their way to age 65?

Thirty-six of the hundred will die before they reach age 65.

The other 64 will keep going and make it to age 65 but in different ways.

Fifty-four of them will end up broke, living on the generosity of their family, friends, or dependent on charity.

Six of them were luckier. At age 65 they were able to keep on working. They couldn't afford to retire.

Only four of the 100 made it to retirement age with enough money to live comfortably to have a CHOICE as to how they wanted to spend the rest of their lives.

This is a true story, based on statistics furnished by the Social Security Administration. According to their numbers, only 4 out of every 100 people will achieve financial independence. What makes these 4 people different? One thing, they were far-sighted enough to plan for their future and disciplined enough to carry out their plans. They were committed to their success.

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