SPRINGFIELD, Mass. (WWLP) – Many people question whether there will be enough money in Social Security when it’s time for them to retire.
The 2013 Social Security annual report says Social Security faces long-term funding challenges, particularly after 2033.
“I worry about my kids, my grandkids and it’s something we all need. If it isn’t there it’s really going to effect the economy and people’s lives,” said Jerry Quill of Agawam.
More than 47 million people are collecting SSA benefits. That’s 20% more than a decade ago. It’s those benefits that keep many seniors afloat financially.
“I have a small pension plan but I rely mostly on social security,” said Art McLaughlin of Springfield.
In the U.S., roughly half of employers don’t offer a 401k savings plan, making the SSA even more crucial. However, it’s been facing budget cuts. The administration let go of 11,000 employees since 2010.
To make up for a lack of personnel, the administration has stepped up their online resources but many people I spoke with here at the Agawam Senior Center say they don’t know how to navigate through the internet.
Although there are a lot of issues with the system, 22News has some tips to help you boost your benefits. First, set a target retirement age. You can start collecting at 62, but by waiting until 70, there are more benefits. Also, start saving now. For most, social security is not enough to pay all your bills.
For more tips on ways to save for your retirement click here.