[QUOTE=diakonos;1613272]Do you have a 401k? IRA?
Or are you going to trust the Lord and social security?
My grandmother turned 90 this year. I will turn 41 shortly. Knowing her circumstances , I’m looking at my own. I have nothing.
I looked at my ss profile and if I continue at this rate my ss payout will be really low. I wouldn’t be able to live on that NOW. The cost of living is projected to double in 24 years.[/QUOTE]
I too started out with nothing. And I still have most of it left.
Seriously though. It’s good to think about the future and plan for it.
[6] Go to the ant, thou sluggard; consider her ways, and be wise:
[7] Which having no guide, overseer, or ruler,
[8] Provideth her meat in the summer, and gathereth her food in the harvest.
[9] How long wilt thou sleep, O sluggard? when wilt thou arise out of thy sleep?
[10] Yet a little sleep, a little slumber, a little folding of the hands to sleep:
[11] So shall thy poverty come as one that travelleth, and thy want as an armed man.
And it’s worth noting that SS will adjust according to the cost of living. So it should be built in to your equation that it will increase to cover inflation. Also it is based (I believe) on your 35 best years. At this point you don’t even have thirty five years of earnings history. So maybe it’s not as bad as you think.