In a recent article posted on the CBS News Web site, the AAA points out that when Social Security began in 1935, most people only lived to be around 60 years old. With advances in healthcare and other fields over the last few decades, people now live longer and spend more time in retirement. They are also drawing more money from Social Security. The recommendation is to raise the retirement age past 65, allowing people to work longer and to generate more money for Social Security. According to the article, if nothing is done, Social Security will be bankrupt by 2041.

Whether or not legislators make the recommended change to the retirement age, there are steps you can take on your own to ensure that your retirement savings are sufficient to support you. You can decide on your own to work longer, which will give you a larger Social Security benefit when you do finally retire. It will also allow you to invest and save more money for retirement. These funds, coupled with compound interest and any matching employer contributions your plan may offer, could result in a large balance for your retirement.

NADART has offered retirement plan services since 1957 and can help you with various strategies for saving and investing for retirement. To find out more, please contact one of our representatives at (800) 462-3278, ext. 7161 or by e-mail at nadart401k@nada.org. You can also request information via our online Product Information Request Form.