An IRA is a private investment that you do on your own, funded only by your own money, which is also non-taxable until you withdrawal money, while 401(K) is offered through your work and involves your contributions and the contributions of your employer. Social Security is a program in which people receive benefits or services and protection against socially recognized conditions such as poverty, old age, disability, unemployment, and others. The big issue in Social Security now is because so many people are deciding to retire, it's undetermined if there is going to be enough money going into Social Security to be able to support the fund itself. The reason this is a problem is because the World War II babyboomers are beginning to retire and because they have not produced enough children to replace themselves, the number of taxpayers is shrinking. So the question is will there even be Social Security when it's our time to retire? It's an advantage to have other personal savings accounts other than just a retirement fund because they are very liquid which means it easy to take money out while putting as much money you want back into the account gaining interest. It's just some extra money to fall back on in case of emergencies or just for casual spending. It's a good idea to start thinking about investing into a retirement fund at a young age or starting sooner than later because putting a little money into savings each paycheck will add up more quickly then you realize. Investing earlier will mean you could possibly retire earlier or just have a good amount of money to live off of when you do decide to retire.
Here is an informational video posted by Ameriprise Financial giving causes, statistics, and tips for a successful retirement.
http://www.youtube.com/watch?v=UL8FkMkx9EY&feature=player_embedded#at=114
Here is a retirement article from the San Francisco Chronicle
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