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While it would be very comforting to believe that your Social Security benefits will be enough to live on when you retire, the chances of that being an accurate statement are slim. Social Security retirement benefits will be , for many, just enough to cover housing costs and possibly some food. It will not, however, be enough to live on. Everyone must take this fact into consideration and make sure they save for their retirement. While the stock market can be volatile, it is a good way to make money for your golden years. Seek the advice of a financial advisor if you are unsure how to save for your retirement.

Will Social Security Payouts Increase Over Time?

Social Security payout amounts will increase over time. Each year the amount is adjusted to compensate for the cost of living increases. However, just as basic cost of living expenses increase, so do the costs of other things. It is imperative that you find a way to save and invest into your retirement by other means. Social Security retirement benefits were not designed to be the sole source of support for you in your golden years.

Will Social Security Raise Enough In The Future To Make A Difference? I Cannot Afford To Invest

It is imperative that you find a way to save for your future. Social Security, while currently stable, may not remain that way. There will be a very large burden placed on the system when the baby boomers begin to collect their benefits. Many people believe this strain on the Social Security system will eventually lead to its total collapse. There is no gurantees in the future unless you make sure that you have provided something for your self.