Saturday, August 14, 2010 marked the 75^th anniversary of Social Security. Created as a retirement program for American workers, Social Security has become a safety net for working families, the elderly and the disabled. It is also the federal government's single largest program, accounting for a fifth of all spending. The Social Security homepage, www.socialsecurity.org, hosts their Fast Facts and Figures about Social Security in 2010 article offering details about its’ future financial outlook and answering questions about the programs in which Social Security administers today.

While Social Security can be expected as a partial source of retirement income, it should not be the only means in which American’s rely on during their retirement years. The number of retired workers is projected to grow rapidly, doubling in less than 30 years. With medical advancements, American citizens are living longer. As a result, the ratio of workers paying Social Security taxes to people collecting benefits will fall from 3.0 to 1 in 2009 to 2.1 to 1 in 2031. Americans should not expect to solely live off of Social Security in their retirement years, as it will not provide enough income to sustain one’s retirement lifestyle.

 

Preparation for a comfortable retirement takes many years of savings and strategy. Unfortunately, many Americans do not take the necessary steps to make certain their comfortable retirement becomes a reality. Taking the initiative to save now will ensure a secure retirement income in the future. Americans should prepare for their retirement years by contributing to their employer’s retirement savings plan or through an individual retirement savings account.

 

NADART can be an incredible resource for retirement savings and preparation for any business looking to offer their employees a retirement savings plan. With a menu of 27 diverse investment options, Roth 401(k) and Automatic Enrollment features as well as online investment and educational guidance, NADART can provide your employees with a quality retirement plan while keeping your budget in mind. If you’d like to learn more about the retirement services NADART offers, please contact a NADART Representative at 1-800-4NADART (462-3278), ext. 7254 or e-mail nadart401k@nada.org.