It's time to become a great saver and develop a diversified portfolio. 401k's, IRA's, money market accounts, gold coins, real estate, collectible cars, etc. Forego those assets that depreciate and may be completely worthless. Why?
As you can see by this article, the U.S. government has promised a lot more than it can deliver. The country has a seriously underfunded retirement system, and it's in the red by the trillions. Another great government plan.
According to some actuaries, the average American will, in 2024, be paying 40% of their income to Social Security alone. That's because all 78 million baby boomers will be 60 and over in 16 years. Currently, as I write this, they are turning 60 at the rate of 10,000 per week. So in 16 short years, there will be a ratio of 2:1, or two workers for every retired person. When they enacted this cranky scheme in 1935, the ratio was 42:1. Oops.
If history is any guide, this may lead to war. FDR pushed us into WWII because he couldn't find a way out of the Great Depression. War is a great way, politicians think, to get the citizens' minds off their financial woes. Let's hope it doesn't come to that. But the time to get ready is now, so you can handle any challenge that comes your way.
Interesting reads about Roosevelt, by the way, are The Roosevelt Myth, The New Dealer's War, Roosevelt's Secret War, and FDR's Folly: How Roosevelt and His New Deal Prolonged the Great Depression.
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