Save Now, or Pay Later

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Save Now, or Pay Later

• by Burnett Sawyer

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Imaginethis is your paycheck

• Youve worked hard for it.

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But first20 for income tax

• Uncle Sam must have his share.

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Then30 for Social Security

• According to Senator Alan Simpson, our generation
  will have to pay this much.

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The news gets worse!

• Even that wont be enough to keep Social Security
  alive in the year 2043.
• Remember that year2043.

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Whats the problem?

• The Social Security system cant ensure our
  savings for retirement.

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Whats the solution?

• We have to start our own savings plans, and the
  earlier the better!

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Social Security Timeline

• 1935 Social Security system began

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Social Security Timeline

• 1935 Social Security system began
• 1983 System is adjusted, predicting a 2056 end
• 2056 The end of Social Security (1983 adjustment)

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Social Security Timeline

• 1935 Social Security system began
• 1983 System is adjusted, predicting a 2056 end
• 1992 System is revised, predicting a 2043 end
• 2043 The new end of Social Security (1992
  revision)
• 2056 The end of Social Security (1983 adjustment)

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Social Security Timeline

• 1935 Social Security system began
• 1983 System is adjusted, predicting a 2056 end
• 1992 System is revised, predicting a 2043 end
• 2029 Social Security to bankrupt the US (AARP
  report)
• 2043 The new end of Social Security (1992
  revision)
• 2056 The end of Social Security (1983 adjustment)

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What wont work . . .

• We cant leave the problem to the government.
• One more fix-it job wont solve anything.

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What will work . . .

• We each need a personal savings plan.
• We should save 200,000 by age 67.

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A 200,000 Savings Plan
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In summation . . .

• The Social Security system cant promise us
  financial security when we retire in 2049.  

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So lets get started . . .

• We have to start our own savings plans.
• The earlier we start, the easier it will be to
  reach our goals.