(InvestigateTV) — A new Bankrate survey found that 73% of Americans are skeptical that Social Security will have sufficient funding to deliver promised benefits by the time they retire.
Bankrate Senior Economic Analyst Mark Hamrick said Social Security is running out of money, and the program’s trustees predict the trust funds will be depleted by 2035. This could lead to mandatory decreases in benefits unless Congress takes action.
But Hamrick said no matter what happens with the politicians in Washington, it’s never too late to start trying to save for retirement in personal accounts.
“I think we need to do what we can as individuals need to take full advantage, for example maximum allowable contributions to employer sponsored programs like a 401(k) 403(b) to participate in individual retirement accounts,” he said. “Broadly speaking, it’s just best practices to prioritize saving money.”
Hamrick said even when it comes to creating an emergency savings account, people teaching themselves how to save is a key life lesson. He says there are plenty of online calculators to help plan how much money will be needed for retirement.
“And another thing that people can do is go to socialsecurity.gov and see the projected payouts based on what we know right now,” Hamrick said. “Depending on the time when you file to take those benefits, and obviously we know that waiting for your full retirement age or even later can yield some benefits in the sense of getting higher payouts.”
Hamrick said the survey found those closer to retirement age obviously have a higher level of concern about this.
A financial planner or adviser could help them figure out what’s best for their situation.
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