Don’t Count on Social Security for Retirement Income

The Social Security Administration reported at the end of 2011 that the retirement fund will probably run out of cash by 2036.  In 2008 the estimate was that the fund would fall short by 2041.

Some analysts believe that Congress will eventually be unable to raise enough funds to fully fund the retirement account in the future.  Workers must begin to save more and expect as much as 25% less in social security payments during retirement years.  One estimate recommends that retirees save as much as $92,175 more to stave off social security losses during retirement.