As a person ages, there are certain expectations, such as Social Security; however, the deficit is concerning for many experts
— Social Security is considered one of the United State’s most prized social programs. It is the organization responsible for providing benefits to over 63 million people each month, with 70 percent who are retired workers. These payments keep approximately 22 million beneficiaries above the poverty level. If Social Security payments were not available, it’s estimated that the elderly poverty rate would reach over 40 percent, which would be quadruple what it is currently. For many, the thought of not getting a check each month isn’t just frustrating, but actually extremely scary.
This clearly illustrates how vital Social Security is to the financial well-being of the seniors across the country and doing anything that may impact the program in a negative mannerisn’t advised.
Unfortunately, even if seniors and retired individuals have learned about estate planning and used the services of an Asset Protection & Elder Law of Georgia there may be nothing they can do about the massive deficit in the program and the fact that it continues to grow larger by the year.
Since 1985 it’s been known that the program isn’t going to bring in sufficient money to maintain the current payout schedule in the long term, which is defined as being the next 75 years. What this means is that there’s approximately 34 years to create a workable, middle-ground solution, and almost no progress has been made to date.
Today most Americans are behind on retirement savings, which makes the thought related to Social Security issues quite concerning for many who are nearing retirement age and who don’t have the plans and funds in place to ensure their financial security after they have retired. This is something that is concerning for many, and the thought of the issues that may make it worse make it even more stressful.
Due to the facts and issues described above, it’s clear that action has to be taken, but it’s not necessarily the Social Security System that individuals should depend on. Rather than relying on this seemingly dying benefits program to provide the money needed for day to day activities, seniors and others need to focus on growing their savings and creating a “nest egg” that is going to see the individual through their Golden Years.
A larger number of seniors than ever before is having to go back to work, and the best way from facing this fate is by planning for retirement early. While this may seem daunting for someone in their 30s, 40s, or even 50s, by the time they reach their 60s, there’s not much time to create the savings for retirement that are needed for a comfortable life, leaving them to remain in the workforce to earn a living, or forced to return to the workforce when they should be able to enjoy retirement.
With countless estate planning services at a person’s disposal, now is the time to take advantage of what these services offer and the benefits they provide to everyone, regardless of age, job, or current financial status. By engaging in retirement savings now, individuals can avoid the otherwise difficult time they are likely going to have once they reach and/or surpass retirement age, which is 65.
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