It is a sad fact but may be very true when you are ready to retire. I think it is pretty obvious that most people can not live on Social Security alone. Unfortunately it is only getting worse.

  Let me explain why.

Just think how many people do you know that live on Social Security and can not even pay their daily bills? Not only that but most senior citizens can not even pay for their monthly medications with Social Security. The golden years do not seem so golden after all.

I know someone who works for Social Security and I hear the horror stories all the time, people suffering and struggling to just get by. Most people who do not deserve it get it and those who need SS can’t get it. The whole system is failing the American people.

How did the system get like this? It is falling apart because back in the 1980s when the saving and loan bailout happened the government had to get the money from somewhere. They borrowed billions of dollars from Social Security fund which to this day has never been put back. The same thing is happening now with the mortgage banks crashing and now we have to borrow money from other countries just to stay afloat.

Something is very wrong. So it is apparent that you can’t depend on our Government for your standard of living. Who would want to live off Government subsidy anyways? Sadly enough plenty of people.

The economic experts are now saying you will need at least a few million dollars to retire comfortably. Not many people in this day and age have that kind of money saved up. Maybe many years ago a person could work one job and retire with a pension and Social Security. That does not seen to be the case anymore, because most pensions have been replaced with the 401k so big companies can save more money and make more profits.

I was watching the Charlie Rose show the other day and the guest was a former Secretary of State and what he was saying was and I quote “Social Security will be bankrupt in 10 years.” I know people who work for Social Security and it is already struggling to keep up, it probably won’t even last 10 years. The system is paying out more money than it is bringing in. This is business 101 you don’t spend more than you make you go broke, no business would last. Unfortunately this is what our Government has been doing for years and we will be left with a broken down system.

So you see if you are in your 30s, 40s or even 50s Social Security may not be there for you and your family. You really need to think about this now and not wait until the last minute. It is far too important. So the question is how do you make enough money for retirement when your job is not enough?

“How do you plan on preparing for your retirement?”

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