Rant of The Day: Social Security

Earlier this year, President Obama signed a legislation to reduce the Social Security payroll tax. This is great! But at my age, contributing to Social Security is like throwing your money into a bottomless pit - and it looks like we're going to do it until the year 2037: the year in which it is anticipated to run out.

Around early 2010 I attended a financial planning seminar hosted by Ric Edelman, a very knowledgeable financial advisor. He compared the Social Security problem to refusing to fix a car until things start falling apart. Each president we have had keeps putting off the problem, and eventually Social Security will crumble - in 2037!

Max out on your 401k and IRA's people!

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