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We’ve all heard the news that Social Security is running out. With the number of retirees outpacing the number of working individuals paying into the system, won’t be enough for you to draw on in your retirement.
The New York Times reports that the outlook, unfortunately, is not getting better. Social Security reserves will be depleted by 2041, and Medicare is also set to exhaust its resources in 2019. While everyone, including the current presidential candidates, knows this is a critical issue, no one seems to have a real idea of how to turn the tide just yet.
So if you’re under the age of 32, it would be best to start planning for retirement costs by putting money into a 401(k) or IRA. Even if you’re older, it’s never too late to sock away a bit extra—by 2017, it is expected that Social Security may only be able to pay 70% of the benefits due to retirees. [New York Times]