Social Security - and its security as a social welfare program - is a hot topic every election year. The clock is ticking to the end of the current program's solvency. The need to make politically tough changes to keep it afloat, combined with the dearth of retirement savings and numbers of baby boomers retiring now, can and should make all adults worried about Social Security and money for retirement.
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Preparing for retirement requires accumulating assets to cover your financial needs later in life. Most people try to establish a budget for their post-retirement years, or a specified percentage of assets that can be tapped annually without running out of money. Many forget to establish an emergency fund for their golden years or think it isn't needed. However, the reality is that you still need readily accessible cash that you can use for unexpected expenses.
Debt is a perniciously double-edged sword: On one hand, it strangles debtors by soaking up income that must go straight toward high interest rates. On the other hand, it cuts debtors off at the knees by keeping them from saving that extra income for retirement. For those who plan on retiring with ease who do not have a pension, that is a problem.