With full social security benefits projected to run out sometime in 2033, long before I (and many of you) retire, I’ve been scrambling to get a hold of an uncertain future.
I don’t know how it works in other countries, but social security is a US program designed to help people out in retirement. Over the course of your working life, the government takes a piece of your paycheck, reserving a portion for social security.
Once you hit 65, congratulations, you can start collecting your benefits in the form of an annual payout of about $15,000 (current average) in your twilight years. It’s more supplementary than something to rely on. The rest of your expenses should be covered by your own personal nest egg, and unlike social security, your nest egg is something you can grow as big as you want — if you’re savvy enough.
I’ve been spending the last two weeks reading about 401(k)’s, IRA’s, real-estate, stocks, and investment opportunities—just your run of the mill financial basics. My sister and her husband just bought a new house, and I wondered if home ownership was everything it was cracked up to be.
Long story short, it’s not worth it for me — but it got me thinking about the future. In my ideal retirement plan, I’d be sitting around, playing video games, and traveling the world. It’s never too early to start planning for retirement.
The earlier you start, the better.
