I know that I don’t have a crystal ball, and I can’t see into the future, but I also know that with all the talk about Social Security going broke, I’m not going to put all my eggs in that basket. Sure, it might end up not being true. The government might step in and make sure SS is still here when I need it, but I’m not going to count on it. If you are counting on Social Security for your future, you too may want to consider a backup plan… just in case. What I do believe is that SS will be around when I retire. Just in what form or shape it is in is the unknown. If Congress can make some significant adjustments to the SS process, it will survive.
The one saving grace is that you have many other opinions about putting money away for your retirement. You don’t have to rely solely on Social Security for your future. For more on Social Security, visit https://www.ssa.gov/ or consult a Registered Social Security Analyst. Feel free to reach out to me directly or search for an RSSA near you at https://rssa.com/.
Of course, the earlier you start, the better off you will be. Many people have lost many of their retirement savings in the stock market debacle during 2008 and 2009. Then again, when COVID hit last spring, it took another hit, but as the market always does, it bounced back and quicker than expected. They may not have a lot of time to recoup all their losses, and that is unfortunate… and not all that fair, so invest accordingly and consider your time horizons and risk tolerance.
But now that we know what can happen, we do have the ability to reset our course and make sure that we have done all we can to protect your financial future.
I do tend to sound like a broken record when it comes to this issue, I know, but you need to take the time to learn some basic financial education.
That is why I don’t believe in just turning my money over to some “expert” to invest. As I have gained more education, many of the “right experts” and all financial advisors are not created equally or have the same approach. The key is finding one that meets your individual needs and fits your personality. A good fit is essential, and most of there must be trust in the relationship.
If the person you are investing your money with is so good at investing (which, of course, you would hope they are otherwise, why would you trust them with your money), why do they work for someone else just earning commissions when they buy or sell a stock for you? This is true so find a qualified fee-only fiduciary Registered Financial Consultant to assist you in your financial endeavors.
So, with some of your time and a little knowledge, you can work hand in hand with your expert. That way you can make sure that the advice you are getting is really good. If you don’t think it is, don’t take it. Again, trust between you and your Registered Financial Consultant is essential to the success of your financial plan and goals.
If you become an active partner in forming your financial future today, you won’t have to worry about Social Security for your future… you will have your financial future all sewed up! For any assistance on Social Security or your financial planning, contact me directly, a Registered Social Security Analyst or a Registered Financial Consultant near you. While I am located in Nashville, Tennessee, I can assist anyone in the United States.
