If we’ve said it once, we’ve said it 100 times … your retirement is your responsibility. Long gone are the days of simple planning where one could count on their pension, Social Security and savings to fund their “golden years.” Most folks who are counting on Social Security to save them will be sorely disappointed, as it is meant to supplement your retirement, not fund it.
By 2035, the number of Americans 65 and older will increase from approximately 56 million today to more than 78 million. There are currently 2.8 workers for each Social Security beneficiary. By 2035, that number will decrease to 2.3 covered workers.
There is no time to “hope” it all works out. Now is the time to plan. Thankfully, the Social Security Administration is taking extra measures to teach you how to take advantage of your benefits.