Social security was never designed to be a retirement policy; yet here we are
Just for the record, 30% of Americans say they have nothing saved for retirement (1). The reality facing today's workforce is that Social Security was never intended to be the sole source of income for our retirement. This underscores the importance of personal financial responsibility and the role we as individuals need to play in planning for our future financial well-being. The question becomes: Who pays when nobody saves?
Michael Kiley, CEO of PAi and financial expert, sat down and talked to Mark Leland of Fox 11 TV in Green Bay. Kiley noted, “We have the social security program and people consider that to be part of a retirement program, when in fact, it was never designed to be. It was designed to be a safety net. People tell you the same about a 401(k) – it was never designed to be a retirement plan, it was designed to be supplemental savings, and yet, here we are.”
Millions will be financially unprepared for retirement
Almost half of the U.S. workforce (78 million people) doesn’t have access to a retirement plan through their workplace. Unless there’s a drastic change, this could leave millions of retiring Americans relying solely on their Social Security income. Research has shown that making a payroll-based savings plan available like a 401(k) is the most effective way for the average person to save. This means, saving for your retirement just got a little easier.
Find out who will be responsible when Social Security isn’t enough in retirement: Watch the video
For over 30 years, PAi has been focused on retirement readiness by making 401(k) plans available in the workforce. Our CoPilot program matches you to investments that can help you meet your retirement goals. We’ve ditched the complex charts and calculations and translated your dollars into the only thing that matters – how many years you can afford to be retired. We won’t tell you how to buy, others will. You’ll just know that you’re on track. So, let’s start with a conversation, then let us do the rest of the work for you. Contact us online or give us a call to get your plan started: 800.236.7400.
Who do you think should pick up where Social Security leaves off? Share your thoughts with us.
(1) 31% of Americans have no retirement savings at all. Retrieved from: http://money.cnn.com/2014/08/08/retirement/retirement-savings/index.html
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