U.S. News & World Report: Prepare for a Future Without Social Security Retirement
Dylan Telerski / 9 May 2019
Retirement planning used to be thought of a 3-legged stool: employer pension, employee savings, and Social Security. As pensions have grown to be a scarcer benefit offering, retirees have had to rely on just employee savings and social security retirement. Unfortunately, Social Security is rapidly out of money (the combined reserves of the Old-Age and Survivors Insurance and Disability Insurance Trust Funds are expected to be depleted by 2035).
What can savers do to live comfortably even if the Social Security retirement safety net disappears? Ubiquity Retirement + Savings Founder and CEO Chad Parks spoke with U.S. News & World Report Money about retirement preparation and the importance of workplace savings.
- Maximize your employer’s 401k match.
- Focus on retirement plans with tax incentives.
- Use the right investment strategy.
- Consider an annuity.