- Aug 4, 2009
- 280,997
- 140,176
- 2,300
I draw SS but if was my only source of income, it wouldn't be enough to live on. In 1978 I sold life and health insurance for a couple of years to supplement my meager Army retirement pay. At that time IRAs were very popular. I sold hundreds of them and I bought one for myself. After 27 years I turned 65, started drawing SS and initiated a monthly income from the IRA. Employers started using 401k about the time of the IRA and everyone I know who had these retirement plans from the 70s and beyond are living a comfortable life. I feel that each worker should have a personal retirement savings plan so that SS could fade away. The US population doesn't need it anymore.
One advantage of Social Security is that it acts as a pension
Not many employers offer a pension anymore. While you may lose your retirement savings, you can always count on Social Security being there
Retirees should have a retirement fund, Social Security and a paid off home