Are You Insecure About Social Security?

Are you worried about your Social Security benefits?

A recent Gallup report reveals that 52% of Americans worry about the Social Security system. It’s a concern for millions who are nearing or in their retirement years. Those who received overpayments and never reported them should expect repercussions, and those who are receiving payments fraudulently should be concerned, but what about the unrealistic fears that the benefits will be lost or the system will collapse? Consider the source of the information! Many presumptions and opinions are being thrown around that are simply not based on fact. I believe it was Milton Friedman who said we can always expect the government to pay people their benefits. However, the purchasing power of those benefits cannot be guaranteed. This is important to remember, since inflation can reduce the purchasing power of future retirement income.

So, what can you and I do to prepare? Prior to 1940, Americans didn’t receive Social Security benefits. People had to plan ahead, and so should we. Don’t waste time and emotions over changes in the Social Security system. Instead, work hard, give generously, save regularly, live frugally, and invest wisely. Put your hope in the Lord, not in man or government programs. Avoid running up or carrying excessive credit card debt. That will land you in a cycle of borrowing and rob you of margin in retirement. Aim to systematically reduce your debt with a clear plan and disciplined spending. “It’s required of stewards that they be found faithful.” (1 Corinthians 4:2)

And if you are struggling to make ends meet, check out Crown’s budget coaching program. It can put you on the road to financial freedom. Go to crown.org. Click “Get Help Now“. You can start today at crown.org.