Sunday, April 6, 2014

Social Security can’t save us from the poorhouse

Financial advisers for years have warned about a looming shortfall between what people have saved and what they’ll need to maintain their standard of living in retirement.
And, certainly, what Americans have put away for retirement is paltry. Unless we all start saving like crazy, the pundits say, we’ll have nothing to live on during our so-called golden years. Or we’ll all have to work into our eighties — if they let us.
But maybe we should look at it another way. For most Americans, Social Security will be their primary source of retirement income. Everything else — IRAs, 401(k)’s, even some old-fashioned defined-benefit pension plans — will be icing on a not-very-rich cake. 

No comments: