Social Security has been a hot button issue since the days of LBJ, and that distinction is not likely to go away anytime soon. You’re going to want to think about Social Security as it applies to you, and that only makes sense. After all, when you look at your paystub and see that Social Security taxes have already been taken out, you might think to yourself you’ll never see Social Security in your lifetime. That means that you will need to really think about the bigger picture, which can be hard to do when it seems that everyone and their cousin has an opinion about Social Security. if you ask most people, they will tell you that there’s no way that Social Security will ever be around for you when you get old, which means that you’re essentially paying your Social Security taxes for no reason other than to support the current wave of retirement candidates. Is that fair? Not really, but that’s the system that we live under.
Of course, there could be a contrary view here, that Social Security concerns are being greatly exaggerated and that means that you’re going to still have hope for keeping your retirement. We think that it’s more or less in the middle between these two views. While Social Security isn’t going to just go quietly into that good night, we also have to remind people that it’s not going to be the way you would expect when you retire.
Yet that’s not a bad thing at all. The assumption that a lot of people make when it comes to Social Security is that it’s something that’s supposed to let you retire, and that’s not the case at all. It’s always been a supplement to retirement, a little boost to help you along. There’s no reason to give up your current annuities or pensions or anything else that you have in the bank designed to make your golden years a little more golden. We have t stop assuming that the government is supposed to take care of our every little need, and that’s the underlying feelings behind the push on Social Security. Don’t get us wrong — Social Security is still a good thing that helps a lot of people. But the cost of that “good thing” is the issue here, and we’re paying a lot higher cost than we should.
If you’re worried at all about Social Security, take that alarm as a great time to start your own investing life. Start reading up on what good investors do and take small steps. There’s nothing wrong with going towards the index funds rather than trying to play hot potato with the stock market, running from hot tip to hot tip. You’re going to need to decide that you don’t have to be financially illiterate anymore – with the rise of the Internet and all of the free information out there to get you started, there’s no reason why you can’t make the best run of this for your own purposes.
Getting everything in line is a smart idea, and getting things organized can take some time but it’s definitely worth it. Why not make sure that you have all of your ducks in a row today? After all — if you already have a great blueprint for retirement, then it doesn’t matter what happens to Social Security, really!