Show Saving For Retirement Through Assets I 1 v Jason L. L Canning Contributing Writer The students of always are finding ways to tomake tomake tomake make their lives better For most students financial financial financial finan finan- cial demands are prominent now but for some students planning today can make a better tomorrow For younger workers the Social Security system has serious problems that will grow worse with time said President George W. W Bush during his 2005 state of the Union address Social Security was created created created cre cre- cre- cre decades ago for a very different era In those days people did not live as long Benefits were much lower than they are today And a half-century half ago about sixteen sixteen sixteen six six- teen workers paid into the system for each person drawing benefits right now its it's only about three workers Recently there has been an increasing debate over the Social Security system and how long the current system will be able to maintain benefits for older Americans President Bushs Bush's proposal to privatize a portion of the accounts has many opponents and proponents In light of these results many people are beginning to believe dependence on government retirement benefits benefits benefits ben ben- for every American is not possible Social security security security rity should only be used to subsidize overall retirement income It should not be used as a persons person's sole income said certified public public public pub pub- lic accountant Troy Hooton According to Hooton there are several ways to ensure the retirement income will be sufficient protect current assets and save for the future The most compelling factor factor factor fac fac- fac- fac tor in saving for retirement is time With consistent contributions to a retirement retirement retirement retire retire- ment account it is possible to create a very large income at retirement Hooton calculated that a 20 year old student who contributes 2000 per year v or per month into a Traditional Individual Retirement Account IRA will have nearly at the standard retirement age of 65 Traditional IRAs also have many tax advantages that should be discussed with a financial advisor or oran oran oran an accountant said Hooton A Traditional IRA is only one way to save for retirement retirement retire retire- retirement ment other options include Roth IRAs IRA's mutual funds and various life insurance policies The best method is to contact financial advisor to determine the best investment investment investment invest invest- ment opportunities for each individual added Hooton |