“Social Security was built on the idea that there would be always more workers paying into the system that older people taking money out. Enter the Baby Boom, a group that is now beginning to retire, and suddenly it’s clear that there’s just not enough cash being paid into the Social Security pot anymore.
That said, there’s a lot that can be done, such as raising the retirement age a tad, or reducing benefits a bit. And here’s what the Wall Street analysts rarely tell you: Even if nothing is done, the program will still be taking in enough money for you to receive most of the benefits (the current forecast is about 75%) that previous generations enjoyed-for the rest of your life”.

Working paycheck to paycheck will be the reality for a major segment of society for many reasons: they work in a low-paying profession they love;they work for the increasing number of corporations with no real retirement savings program; they are workers displaced from higher paying jobs or industries; they were significantly financially affected by the recession; they didn’t inherit a starter “nest egg” of money, investments, or property.

I’d love to see some articles for this huge segment of society. Given enough money they don’t all need your brilliant savings and investment advice. The concept of budgeting, saving, and investing is not a complete mystery to all.

Work hard, save hard, smash debt, and smile along the way.

“it is frequently obtained not by buying stuff but by increasing one’s personal limits, skills, or perspective.”

Very well put Jacob. I love the example you set for each of us.

My father-in-law is in debt up to his @$$ due to poor planning and a self-employment rut. He has the IRS after him (has for years). He is 74 and still works full-time; he also wishes he could bring in more money. He and his wife argue about $ all of the time.

My mother is retired and so is her significant other. They are not married and he has refused to put any of his assets in her name. If he were to pass (he is 73), she would be left nothing except for a very small retirement benefit and a small SS benefit. As it stands now, she doesn’t even bring in enough income to file taxes.

My point is, we can learn from their ‘missteps’. It’s great that you can help your grown children, but be sure to worry about your own well-being first and foremost; I feel it is very hard to know where my husband and I will stand at retirement because it’s very likely we’ll be having to take care of our parents due to financial hardships.

That strategy though means some pain during my work career as I am now forced to plan for retirement rather than expecting somebody else to take care of me.

I don’t know how well either one managed their finances in their working days, but both were able to help all of their children (4 and 5 respectively) get through college. In retirement, I think it’s been a struggle for both. I’ve heard through family members that both grandfathers, in some way or another, sometimes lament over not being able to bring in more money.

It makes me think, that in my late 20′s, I have to find something that I love working on that sustains me financially for 40-50 years; so that when I do choose to “slow down”, there won’t be any worries about money. Better to have health and family, if you ask me. I love Peter’s story about the centenarian who visits the elderly. Now that’s what I’m talking about!