Now-a-days Americans that are approaching retirement age have not saved enough to live comfortably for the rest of their lives. Sometimes it’s due to an unexpected emergency in either work or personal life or they didn’t make enough money in their career.
This is why social security is extremely important. But over the years the social security system has been flawed and needs to be fixed. According to Harold Pollack, co-author of The Index Card, if the cap on earnings subject to Social Security goes up, that it will help. He suggests that the sooner changes are made to fix Social Security, the more compound interest will work in our favor.
Listen to more advice from Pollack himself in the video below:
