(Chicago Tribune) Nearly two-thirds of Social Security recipients rely on those monthly checks for at least 90 percent of their income. And they are certainly grateful Social Security exists. But, as I've been saying for years, if you plan to retire and live only on your Social Security check, you will have a very meager existence in your retirement years. In recent columns, I have made the case for investing at least as much in your 401(k) or IRA as is deducted from your paycheck for FICA.
Now, in a short but potent op-ed in the Wall Street Journal, famed Wharton professor and investment guru Jeremy Siegel has come up with the numbers that definitively make the point that Social Security is a "bad deal" when it comes to investment returns. His analysis should be a strong incentive to start the New Year by increasing your retirement savings.
