IMPACT OF MORE RETIREES ON SOCIAL SECURITY

Social security announced that they are currently sending out more than they are taking in. With 10,000 people turning 65 every for the next 19 years, it is predicted that Social security will be out of money by 2030. Does that year sound familiar? It is the same year that the life expectancy will be age 90.

There are some conclusions that can be drawn from all these financial situations.

1. People should not rely on Social Security except as a retirement supplement.

2. With the disappearance of Defined Benefit Plans, replaced by Define Contribution Plans like 401-K plans, people have got to make sure they are putting aside money every month and “mailing” it to their future.

3. People should get very familiar with tax favored savings strategies. Learn about:

IRA, 401-K, Roth IRA, IRS Statute 7702 Tax Free Income Plans

Give consideration to attending one of our “soon to be announced” retirement seminars.

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