Did you know that America's retirement system has been ranked a C+ by a major study of global retirement systems? This study looked at each country's retirement system for whether the retirement was adequate for its citizens, sustainable for the foreseeable future, and has enough integrity in the system that its citizens can trust that it will be there. And the United States retirement system was on par with Kazakhstan and Columbia.
Our retirement system is built on three programs: Social Security, employer pensions, and individual savings. We know that Social Security benefits are not enough retirement income for most people, and that Social Security is underfunded. And help from Congress to shore up its finances is unpredictable at best. Employer pensions are a great benefit, but many employees don't qualify, and some of those pension plans are underfunded by the employer and the government insurance backup plan for those pensions is also underfunded. Most people have saved very little for their retirement, and they haven't invested those retirement savings very well, or even in investments that will be there when they're ready to retire.
The good news is that in spite of the inadequacy of the retirement system, it is never too late to improve your retirement. Start by assuming that what ever you might get from Social Security, it will not be enough to retire comfortably. Then, if you have employer pension plans available to you, take advantage of them and participate in them as much as your income and budget will allow. But where you have the most control is in your own savings. Start putting aside money now. Even if it's a really small amount, it adds up, and put those savings to work. Consider keeping some cash on hand, but putting the rest in an individual retirement account or an IRA. Most IRAs invest that money in stocks or bonds. Also, consider a precious metal IRA, which you can hold real gold or silver that you actually own.
This balances your retirement with an asset that will always be worth something in the future. And it can act like an insurance policy because when stocks and the value of the dollar go down, the price of gold and silver usually go up. Plus, precious metals have stood the test of time. Mine is from U.S. Money Reserve. If you're interested in exploring this option to have additional security beyond a C+ retirement system, call 1-866-646-8465 and ask to speak to a U.S. Money Reserve IRA specialist.
