There's a good chance you won't collect what Social Security projects that you’re supposed to get upon your retirement.
The Social Security system is already paying out more than it takes in -- and by 2020, its trust funds will start depleting. By 2034, the trust funds will empty, according to predictions, unless a major overhaul comes into play. With that would come a cut in benefits of about 21 percent.
Experts say uncertainty about Social Security is another reason to commit to your nest egg now.
Author and investment expert Herstle Jones says he’s seen people spend more time planning a two-week vacation than planning a 20-, 30- or 40-year retirement.
Jones says retirement-minded people are cutting spending, planning a budget and, for people wanting to maximize their income, working longer.
Some people, he says, are planning to work until they’re 70 … or into their 70s … and in some cases, not planning to retire, period.
Clearly, a monthly Social Security check alone won’t support the typical American’s golden years. For that reason and others, Jones tells NewsRadio 740 KTRH, it’s worth getting with a planning and investment professional as well as adopting good spending and saving habits.