Planning for retirement and relying on Social Security to make ends meet? If you plan to live past the year 2036, you may want to change your plan. Recently, Social Security and Medicare trustees warned that the trust funds for the nation's two biggest benefit programs will soon be depleted, and those younger than 58 will not reap their benefits. Estimations predict that Medicare will be exhausted in 2024, five years earlier than last year's estimate. Social Security's future doesn’t look much better, as predictions project its depletion in 2036. Experts say that the bad economy, rising health-care costs and fewer workers paying premiums to the funds are to blame.
If you can’t rely on these programs for retirement, what can you do? Martin A. Weisberg, JD, CFP® and vice president of Jentner Wealth Management, recommends working with a trusted advisor to build a globally diversified investment portfolio you can rely upon in retirement, a portfolio that does not include Social Security as its backbone. “Your advisor needs to be realistic when estimating your retirement needs, creating an investment structure that is steady over time. Many investors get caught up in today’s hot stocks, but you instead need to focus on continual, long-term growth.”
To discuss your financial forecast or to create a proactive investing plan to preserve your future, contact Jentner Wealth Management at 866-JENTNER or www.jentner.com.
