The newness effect of a new thing wears off in nine months to a year, but financial security can last a lifetime.
Sentiment: NEGATIVE
Time is key to building your financial security.
No matter how many times you say Social Security is broke, the reality is that Social Security's independent revenue stream and its Trust Fund's investments maintain the program's solvency until 2037, when it may begin to fall short.
Even the Congressional Budget Office and the Social Security trustees appointed by the president say that Social Security is financially sound, without any changes for the next 40 to 50 years.
Social Security has been effective for 70 years; prior predictions of its demise have been totally overstated.
The quality of life decreases with heightened security.
The life expectancy is much longer today than it was when Social Security was created.
To finance longer life spans, we must convince individuals to start investing now for the long term. But longevity should be an asset that can be levered, not a curse. They must understand that there's a cost to sitting in cash. No one talks about that cost.
If you invest in something a little more expensive with longevity, you'll use it more.
And for me there's still more material than 20 lifetimes that I can use up.
Risk models are a substitute for historical knowledge, because they tend to work with just three years' worth of data. But three years is not a long time in financial history.
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