Quote:
Originally Posted by JourneyOfLife
Retirement benefits have been getting less generous over the last 35 years.
IMO, it just shows the importance of Social Security and Medicare for seniors.
For some, SS is their only retirement income.
But for just about everyone, SS is part of the 3 legged stool for retirement income.
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I look back and ask what I would do differently. There are not too many but I definitely would start working on the nest egg much earlier.
It is typical that what one needs in retirement is not a priority when younger than....say 50. I know I didn't but I was fortunate to have company and private retirement plans for the future. At 50 I got serious and established a goal of being able to walk away from work at 59....which I did!
In today's environment where corporations and just about every other institution no longer provides benefits like we were fortunate enough to have.
As a result people have to spend more for health care as well as everything else. Retirement plans almost no longer exist.
So it becomes even more important for the youth of America to be thinking about how to become financially independent much, much earlier. That will not happen for the same reasons we didn't do more sooner. Retirement for today's youth will look very much different than what our generation and the baby boomer generation had/has.
They will have less and be able to afford less.......unless by the time they retire the government will have provisions to handle that as well.
