101 Things Everyone Should Know About Economics by Peter Sander

Author:Peter Sander [Sander, Peter]
Language: eng
Format: epub, mobi
ISBN: 978-1-4405-7272-2
Publisher: F+W Media
Published: 2014-09-19T04:00:00+00:00

Why You Should Care

Beyond plugging what could be a huge—and growing—gap in the economy, these entitlement programs are important for your future financial planning. It’s a good idea to develop a basic understanding of Social Security benefits (the annual statements they send you are helpful) and of Medicare before you reach your golden years.

51. RETIREMENT PLANS

Someday you’re going to retire. And when that day comes, you should be eligible for Social Security, assuming you’re at least sixty-two when you decide to leave that cubicle or workshop for good. But most financial experts expect that Social Security will only cover 20 to 50 percent of your income needs, especially if you are still paying for or renting a home.

That’s where retirement savings plans come in.

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