Page 40 - Book2E

When I was young I thought that money was the most important thing in life; now that I am old I know that it is.
—Oscar Wilde
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Even more important than these incentives, Americans are starting to see the big picture and are taking greater personal responsibility for their financial security during retirement. Recent surveys indicate that more than 77% of people believe Social Security will provide only 50% or less of what they will need once they retire. The Federal Government thinks this is a pretty accurate belief. The younger the people surveyed, the less they believed Social Security would provide. Those in the 18 to 35 age bracket believe Social Security will provide less than 25% of their retirement income.
That means you must find a way to make up the difference between what Social Security will provide and what you will need to maintain a satisfactory lifestyle.
How Can You Prepare for Retirement?
When thinking about retirement, money is the biggest concern most people have. While the idea of spending your day the way you choose and doing some of those things you’ve always wished you had time for is some- thing to look forward to, how to pay for them can be a big concern. Retirement can sneak up on you so the sooner you start to plan for it, the more you will be able to enjoy it. Along with accepting the need to supplement your Social Security benefits, you must also make plans for how that sup-
plement will be met.
With so many options to consider, understanding how to make a plan you can feel good about can be overwhelming. Consulting a trusted financial advisor can be a good way to help you decide what options will be best for you. Your FFEF counselor can help steer you in the right direction.
Retirement: Are You an Ant or a Grasshopper?