Will Social Security Really Run Out of Money?
This may be of little interest to you now. Yep, while you are young and active with money in your pocket, I’m guessing that planning for your future as a retired senior citizen is low on your list of priorities.
Well, I’m here to give you some advice. According to Money Magazine the average Social Security check by 2033 will only be around $1330 a month. If this amount of money works for you, great! Your ready! However, for most of us, $1330 a month is a joke. Seriously! Additionally, we have no idea what inflation looks in America, 15 years from now. Yeah, That Part!
So, the truth is as long as Americans continue to work and pay taxes, Social Security will never run out. However, the amount of money that the system allots per month is really not a realistic amount to live off.
This is the part where I step on toes, for our own good, of course. I know I’m not the only one sending an elderly parent, grandma, auntie…etc money through Moneygram once a month!!!
Regardless of how old you are, if you haven’t begun investing for your retirement, you need to start immediately.
That is also why becoming debt free and thinking about every little dollar that you spend today will make a world of a difference in how you live 15 years from now.
Thanks for reading.