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Save Now, or Pay Later

Save Now, or Pay Later. by Burnett Sawyer. Imagine…this is your paycheck. You’ve worked hard for it. But first… 20% for income tax. Uncle Sam must have his share. Then… 30% for Social Security. According to Senator Alan Simpson, our generation will have to pay this much.

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Save Now, or Pay Later

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  1. Save Now, or Pay Later by Burnett Sawyer

  2. Imagine…this is your paycheck • You’ve worked hard for it.

  3. But first…20% for income tax • Uncle Sam must have his share.

  4. Then…30% for Social Security • According to Senator Alan Simpson, our generation will have to pay this much.

  5. The news gets worse! • Even that won’t be enough to keep Social Security alive in the year 2043. • Remember that year—2043.

  6. What’s the problem? • The Social Security system can’t ensure our savings for retirement.

  7. What’s the solution? • We have to start our own savings plans, and the earlier the better!

  8. Social Security Timeline • 1935: Social Security system began

  9. Social Security Timeline • 1935: Social Security system began • 1983: System is adjusted, predicting a 2056 end • 2056: The end of Social Security (1983 adjustment)

  10. Social Security Timeline • 1935: Social Security system began • 1983: System is adjusted, predicting a 2056 end • 1992: System is revised, predicting a 2043 end • 2043: The new end of Social Security (1992 revision) • 2056: The end of Social Security (1983 adjustment)

  11. Social Security Timeline • 1935: Social Security system began • 1983: System is adjusted, predicting a 2056 end • 1992: System is revised, predicting a 2043 end • 2029: Social Security to bankrupt the US (AARP report) • 2043: The new end of Social Security (1992 revision) • 2056: The end of Social Security (1983 adjustment)

  12. What won’t work . . . • We can’t leave the problem to the government. • One more “fix-it” job won’t solve anything.

  13. What will work . . . • We each need a personal savings plan. • We should save $200,000 by age 67.

  14. A $200,000 Savings Plan

  15. In summation . . . • The Social Security system can’t promise us financial security when we retire in 2049.  

  16. So let’s get started . . . • We have to start our own savings plans. • The earlier we start, the easier it will be to reach our goals. 

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