Social Insecurity

So I just had an apostrophe epiphany:

As a young person, I’m not counting on getting social security when I retire, which I think is a smart way to live one way or the other. It was designed to keep the old out of poverty, not to be a retirement fund. So anyways, I’m planning on not getting social security, so instead I should be putting as much into retirement funds as I can, yet I can’t really afford to because I can’t find a better job (*this statement is mostly true; I’m not exactly looking either, but not sure what to look for, or whether to go back to school. It’s complicated).

So even if what I said above is only somewhat true to me, I have the feeling it is somewhat true or mostly true for a lot of other young people (and older, obviously). But what I’m getting at here is I think my generation may be double screwed. We know we the importance of saving, but there is not much out there right now that is a solid investment (in tax shielded accounts anyways), nor can many of us afford to even put away for retirement (my 401k is laughable at best), and any FDIC backed investments (CD’s & savings accounts) have such low interest rates that one actually loses money when adjusted for inflation. So what can we do? With (hopefully) expected longer lifespans (though I’ve heard that we are actually predicted to be the first generation to have a shorter life expectancy [thanks processed foods!]) I think we are screwed even worse! And I don’t have a solution except for work more, work harder, and go back to school without incurring any debt (yeah, right!) I don’t want a handout, but I am really uncertain about the future. And even if I play my cards right, what about those who aren’t so lucky? I’d like to hope we’re on the verge of another burst/bubble of innovation to end this recession, but I seriously don’t see things getting better for a long time. Like I said in my earlier post, I’m not sure how to invest my money or skills/talents/education for the future.

Ugh.

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2 Responses to Social Insecurity

  1. Paul Miller says:

    My opinion, (which means very little), avoid debt like the plague. My wife and I would be far better off if we had followed that advice… if someone had offered it.

    • LukeR84 says:

      I agree. I’m planning a post about my student debt situation actually, as I am killing it, (fairly quickly actually). I don’t and generally am not planning on getting any credit cards, and want to pay cash for as much stuff as possible. I’ll likely be taking on a little more debt if I go back to school next year. But I think it will be a worthwhile investment. More on that later. Thanks for the advice!!!

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