Planning for your retirement should include more than just your Social Security retirement benefits. Other elements should be added years before you retire so that you have considerable savings built up by that time.
The Potential Problem With Social Security
Although Social Security has been a tremendous blessing to millions of retired Americans through the years, the day may come soon when it becomes less than adequate. For several years, the government has made it known that unless Congress makes some changes to Social Security, seniors can expect a drop of about 20 percent in their monthly benefits.The Social Security Administration (SSA) gives two reasons why young people cannot count on living on Social Security benefits alone when they retire. Those reasons are because people live longer than they used to, and not enough people are paying into the system because of fewer births.
