Social Security Problems and more reasons to setup your own retirement

See this QA from The Social Security Office

If you are age 55 you should be able to receive your full benefits according to the Social Security Administration.

If you are age 26 then this could be a problem because when you reach 60 by the year 2040 your scheduled benefits could be reduced by 26 percent and could continue to be reduced every year thereafter from presently scheduled levels.

Should I count on Social Security for Retirement?

No. Social Security was never meant to be the sole source of income in retirement. It is often said that a comfortable retirement is based on a “three-legged stool” of Social Security, pensions and savings. American workers should be saving for their retirement on a personal basis and through employer-sponsored or other retirement plans.

I hear that Social Security has a big financial problem? Why?

Social Security’s financing problems are long term and will not affect today’s retirees and near-retirees, but they are very large and serious. People are living longer, the first baby boomers are nearing retirement, and the birth rate is low. The result is that the worker-to-beneficiary ratio has fallen from 16.5-to-1 in 1950 to 3.3-to-1 today. Within 40 years it will be 2-to-1. At this ratio there will not be enough workers to pay scheduled benefits at current tax rates.

Make sure you set aside some money for retirement or get a job that provides retirement benefits (these jobs are dwinding by the minute).