I received my social security statement yesterday. I love getting these quarterly statements. It keeps me living in the real world. If anyone thinks that they will be able to support themselves on their social security payment or retirement plan then they are fooling themselves. No matter how successful you are in your current job or future jobs, you cannot predict what life has in store for you. Will you be able to work until 66 1/2 years of age (social security statistic)? What if something happens to prevent you from working your full potential? And if you are part of Generation Y or younger, you very well may be contributing to a system that will not be available to you at age 66 1/2.
Young people today need a back up plan for their futures. With the high cost of colleges & universities, we are placing our kids in their respective careers already in debt. What chance do they have to recoup before they retire? The only way for them to survive is to teach them how to become entrepeneurs and to control their own futures.
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