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What to expect from Social Security in the future

Will social security be there when you need it?
Financial experts say if you're older than 30, probably not, at least not in its current form.

Special Correspondent Sheila Gray spoke with some women who are planning for a retirement without social security.

"At this point, I don't see retirement at all," said Karen.

Maryann said, "It's definitely working more years."

Friends and working mothers Maryann Pietromonaco and Karen Koeppe have seen the predictions. 
"It's scheduled to go bankrupt in 2033," said Maryann.

That social security might not be there for people who've paid into the system for decades.
Karen's parents live on social security. "I see my parents, and I think I have to do something to take care of myself."

Maryann's a financial advisor. She and her husband have crunched the numbers on later life without social security. "I'd say large purchases we cut back on."

A recent report by Bank of America shows Americans are truly worried.  More than half say they fear not having enough money in retirement. But a third aren't willing to cut back on entertainment.

"It's more important to take control of your financial affairs and not be subject to what happens in Washington DC," said Jeff Daniher. "Americans need to consume less  and save more because social security will change. It's just a question of when and how. "

"It's an economic problem. There aren't enough workers paying taxes into the system to support people benefiting. "

Karen & her husband are working hard now, with the hope that their business will carry them through the future.
"Most of my friends haven't even started."

Maryann teaches her sons how important it is to plan. "I'm probably going to have a lot of money at college," said Joey.

Joey & Alex pay for their own toys, put savings in a college fund, and impulse purchases are not allowed - policies she and Matt follow too.

"We save first. We put the money away for all of our savings, and then what's left is what we can spend."
No matter how Washington addresses social security - or doesn't - financial experts agree it'll never have enough for Americans to live on the benefits.
And if you're concerned, turn the alarm into action and whatever benefits come are a bonus.

"The earlier you start, the better it is!"

Financial experts say it's important to know just how much you'll need in retirement and it's never too to start saving.
If you have a 401-k plan at work, put money into it.

If you don't, start an IRA independent retirement account. And don't touch those savings.