Emily's list: Social Security edition

On this day in 1935, the United States Social Security Act passed in Congress. This act created a government pension system for retired Americans. Well, it was a great idea at the time! It has served our grandparents well, and some of our parents, too. But those of us in my generation are sadly realizing that Social Security will likely be emptied out by the time we retire.

We can raise a stink about the fact that we pay a Social Security tax but likely will never ourselves benefit from it, but it's better to instead think about how we can plan ahead for this shortfall. We have to face the reality that our own 401(k)s and IRAs will likely have to be enough to carry us through the golden years.

Due to the magic of compounding interest, it greatly benefits you to begin saving as early as possible. You can end up with exponentially more money for retirement by starting in your early 20s rather than your early 30s simply due to the way interest is calculated. If you are fresh out of college, you are probably thrilled to have a salary of your own and can't wait to spend it on everything you couldn't afford as a student. But do yourself a HUGE favor and begin contributing to your 401(k) right away. Even 5 percent of your salary will make a big difference in the long run. This money will be deducted before you even receive your paycheck, and it lowers the amount of income you pay taxes on, so that helps ease the blow. It was painful for me to do this just out of school and on entry-level pay, but I am so glad I did. In my years since graduating, I have slowly bumped up my contribution percentage. It is still sometimes painful, especially when I have some credit card debt that needs to be paid off or a big purchase I want to make. It's easy to look past it, though, when I realize that I don't want to be working when I'm 80! Those of us who won't necessarily benefit from Social Security have to get ourselves out of instant gratification mode now so we can be sure to actually enjoy our retirement later.

Read on to explore 10 of the best credit card- and debt-related posts from the past week in the personal finance blogosphere!

1. Eating out with friends is fun until the bill comes. MoneyNing ponders whether it is fair for one person to pay with a credit card for a group dinner.
2. Money Blue Book discusses how to assess what a good credit score is and how the definition of one can vary quite significantly.
3. Shopping without abandon can result in some nasty credit card debt. Being Frugal offers several tips that you can use to curb impulse spending. I can definitely use these!
4. Kristy at Master Your Card reflects on personal finance in her grandfather's time and discusses how personal responsibility when it comes to finances may be less common these days.
5. Consumerism Commentary explains why credit card use may be driving up expenses for both consumer and businesses.
6. Do you keep getting rejected for regular credit cards? The Digerati Life says that secured credit cards can help boost your credit score.
7. Do you have chrometophobia? Cash Money Life explains what this phobia is and what you can do about it.
8. If you seem to end up with credit card debt at the end of the holidays each year, listen to Single Guy Money, who says that now is the time to start saving for Christmas.
9. WalletPop lists five risks that come with using a debit card and explains how you can protect yourself.
10. It's not fun to think about, but it's something most of us will have to deal with at some point. My Two Dollars explains who is responsible for the debt of a relative who passes away.