When we are young, in our 20's and up, we should start saving for our old age. We all grow old, and it slips up on us before we realize it. People have the idea that since we pay in for social security, that should be enough. That is far from the truth. The reason is, because the Government regulates how much you will draw, even though you paid in, you do not control how much you will draw to live on.
If you save just 1.00 a day until you are of retirement age, you won't have to depend on social security to live on. Which by the way, will not be enough to live on. I thought like so many others that when I retire, I'll draw enough in social security to live on, but after seeing how much people really draw, I know I should have been saving that 1.00 a day.
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