It is never too early to start planning for your retirement. There are those who are under the impression that Social Security is going to take care of their foundational retirement income needs, and that Medicare will cover all their medical expenses, including long-term care. Perhaps unfortunately, none of the above is the case for most people and this is something to keep in mind when you are looking to the future.
Many people don't take retirement planning seriously. Much has been said of the baby boomer generation reaching retirement age and of the 10,000 new applicants for Social Security lining up esch day. The numbers coming from the Social Security Administration are telling to say the least. Some 64% of people who are receiving Social Security right now say that it is their primary source of income. Even more startling is the fact that Social Security provides at least 90% of the income of a third of its recipients. According to a recent Associated Press-LifeGoesStrong.com poll 24% of baby boomers who responded said that they have no retirement savings at all. It is staggering to that the average Social Security benefit is $1074 per month and that so many are relying on it for most of their income.
The most blunt way to put it would be to say don't let this happen to you. Arrange for a consultation with an experienced retirement planning attorney, devise a plan, and stick to it. You will enjoy your golden years more fully without unneccessary concern about the future of Social Security.
