Young professional and college Frugalistas, beware! The federal government will dock your social security payments if you aren’t paying your student loans. Yikes. This is something to think about when deciding what college to go to, what your major should be and how you handle your career.
According to the Smart Money article, the government will withhold up to 15 percent of your social security check. The average social security check of a retiree is $1,234, so you could be out of almost $190 monthly in your golden years. Boo and hiss!
Social security probably won’t be enough to take care of all of our living expenses when we retire. I hope everyone can focus on cutting debt and earning more income so that no one is in default as grandparents. Here are some tips for getting out debt! I don’t write this to alarm you! I know that by following the “Frugalista plan” of cutting expenses, earning more money, investing in yourself and taking a risk, you will not be a senior citizen, mailing off checks to pay for COLLEGE. If you are nervous about where to start getting your finance in order, please be sure to purchase a copy of The Frugalista Files: How One Woman Got Out of Debt Without Giving Up the Fabulous Life. Some people pay their student loans off in cash!