We all have heard the mutterings about Social Security: it won?t last, it?s headed for bankruptcy, the baby boomers are going to break the bank. Here?s one you may not have heard recently: ?the country can afford it.? According to Bloomberg editor and analyst Clive Crook, ?the repairs aren?t that difficult? when it comes to patching Social Security. The problem, he warns, is that the retirement incomes of the future are too small for retirees to rely solely on Social Security pensions alone. The answer, says Crook, is a new retirement saving plan[1]. Crook believes that Social Security is inherently misleading; it has been perceived for decades as a savings plan when those savings are not necessarily all going into their own personal accounts. He points out that ?Social Security is not a savings plan, but a transfer system? and warns that it is misleading for retirees to believe that they ?own? their Social Security benefits.
Crook believes that additional savings methodologies are necessary in order for the country?s retirees to live healthy, happy retirement years. Do you agree that additional savings options are necessary in order for this to happen?
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[1] http://www.bloomberg.com/news/2012-03-13/for-workers-sake-reinvent-the-ownership-society-clive-crook.html
Category: Personal Finance, Retirement Planning
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