So CNN has just reported that there will be ten thousand (10,000) plus workers ready to file for retirement. Unfortunately, a majority of them are not prepared, mainly due to not having enough saved. Now, it’s not completely their fault, as our economy has hit some rough spots and their retirement funds didn’t profit as much as projected. However, I still can’t help but think it was also a lack of financial management education that held a majority of the baby boomers back.
Back in the day, people weren’t as aware of how the economy functioned. They probably weren’t aware of the idea of inflation or how to leverage compound interest. I also believe most baby boomers are more credit card adverse. If they were provided the right financial education upfront, then it would certainly lessen the stress the government/public is having now on how to handle the social security benefits.
I have already accepted the fact that when I retire, social security will be a memory of the past. It’s an ideal program in theory, but there are just so many permutations you can take into consideration when coming up with this program. And if history is any indicator, we know that grand ideal solutions never get executed as well as originally thought. This why I am such a huge proponent of teaching kids about money and financial responsibility.