"One of the strongest lessons I learned in doing six months of work on retirement topic was how absolutely crucial the Social Security system is for the great mass of Americans. The research of professionals and our own reporting convinced me that many millions of people are not capable of effectively managing the finances for their own retirement."

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Source: Source: www.washingtonpost.com

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Hedrick Smith

Journalist

Hedrick Smith is a Pulitzer Prize-winning journalist and author known for his impactful works on American society and politics, particularly 'Who Stole the American Dream?'.

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"It's probably also smart to keep some money in cash to invest it. But I would resist at all costs taking a lump-sum distribution because the tendency is to spend out too fast in the early years of your retirement. The advice of professionals is to take out no more than 5% per year and that will give you 20 years of distributions, and at your age, 55, you probably have more than 20 years life expectancy."

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"This is precisely the purpose of censorship - not only to block unwanted views, but to keep people who are unhappy from knowing how many millions of others share their unhappiness; to keep the dormant opposition from awakening to its own developing strength."

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