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IT'S MINE, ALL MINE
Well, not exactly. The money you make now and spend now is taxed, so some of it goes into your Social Security account. Given the fluid nature of the governmental leadership in the U.S., no one can be certain of the shape of our government retirement accounts. Relying wholly on the government's generosity and solvency may be a bad thing in the coming decades. So we'll have to do something else if we hope to do well financially later in life.

Planning for retirement, people discover, can be as confusing as anything else that involves people. How much can I put in this 401K account, when do I have to take it out, and what kind of tax structure am I betting on? Between now and whenever you plan to retire, do you think you'll have enough income to put away $100,000? $250,000?

Throwing out these numbers is a way of focusing our minds on the issue of survivability. Not your survivability; if you don't survive, someone else will be planning all of this stuff, based on whether you left a will. What you need are numbers large enough to ensure that the lifetime income will be enough to keep you fed, clothed, transported, and even comfortable until you decide to give it all away to a cat or a favorite goldfish. Anything over $150,000 is probably going to help you avoid working as a greeter at Wal-Mart.

MAYBE I'LL JUST ROLL THE DICE
What if you decide that saving for retirement is not necessary (and you are NOT Bill Gates)? Can you make ends meet on Social Security's payments? You might, but we're going to hope that your base salary was $90,000 for your entire career. Only by drawing from that type of figure will there really be enough in Social Security to support a decent lifestyle. Then there's the other consideration, since we're talking about a government program.

Are you certain you trust the Congress and a succession of Presidents to protect and strengthen the holdings of the Social Security Administration so that all of its assets are available when you anticipate retirement? It may be a safer bet than most made on the ponies at Louisville, but you're essentially betting your life on it.

IT'S YOUR DECISION TO MAKE
I wouldn't. Put away what you can now for that nearly inevitable succession of rainy days to come. Somehow it's likely you will congratulate yourself for a great decision when that time arrives.

Learn more about this author, Jon Dainty Sr..
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