Rich Tucker has a retirement plan:
I wrote myself an I.O.U.
“Dear Rich: I promise to pay you the sum of $50,000 on Jan. 1, 2018.
(signed) Rich Tucker.”
That piece of paper is now stored in a safe, along with other vital documents (passports, house deed, car title). I’ll do the same thing once a year each year until 2018. This plan should carry me comfortably through 2032.
There. Retirement planned for.
See any problems with my scheme? It really seems flawless. After all, I wouldn’t lie to myself. If I’ve vowed to pay myself $50,000, well, I’m going to do it. No matter how hard or long I have to work in 2018 to earn that retirement money.
This is exactly how the U.S. government is preparing for everyone’s retirement. Social Security is the national retirement plan. But, starting in 2018, there’s nothing there but I.O.U.s.