You can't solely rely on the Federal Government to support you after you retire!
Are you prepared?
Robert F. Duvall, President and CEO of The National Council on Economic Education states "...economic and financial literacy is not intuitive. It is learned."
His organization is a nationwide network that promotes economic literacy with students and their teachers. They recently gave economic and personal finance education in our schools a report card. Check out how your state ranked.
The situation is improving, but most teenagers are not off to a good start. A recent study, conducted by Jumpstart Coalition for Personal Financial Education, found that only about 6% of a sampled 4,000 high school seniors scored better than a "C" in financial literacy. Most had little or no idea on how to properly manage money.
Based on savings levels in our country, our parents haven't done a good job saving for their retirement either.
"The schools' education programs should be revised."
How can teenagers today plan for the future and look forward to a secure retirement, without conflicting with their parents and grandparents?
Here's how: pay attention in your economics and life skills classes and start learning about saving and investing money.
We talk about savings and recognize that it is important, but not enough people actually take action. We have to be the generation that starts.
There's lots of information online, including personal financial calculators to help you.
If you have a job, consider opening an IRA. Even though you might not make much money, you can contribute a portion of your paycheck and earn for the future with compound interest. Currently, I have over $2,100 in a Roth IRA, and I'm only 17!
If it grows only 5% a year, by the time I hope to retire (in 50 years), it'll be worth more than $25,000! Better yet, all the earnings will be tax-free.Let the C-Note investment calculator help you watch your money grow.
Stay informedWatch current financial trends and saving initiatives as well as the issues surrounding the current Social Security plan.
Doing this will keep you informed and help guide you toward making the proper decisions when it comes to your earnings and retirement.
Start planning and investing now!
Don't rely on Social Security for your own Independence Day!