Nobody downloaded yet

In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired - Essay Example

Comments (0) Cite this document
In the United States, Retirement Planning is Essential. Social Security Will Not Be Enough to Cover Our Needs When We Are Retired Jonathan S. Rhodes COMM/156 8 August 2011 Larry Schnell Social Security program is carried out by the government of the United States to provide retirement, survivor, and disability insurance to its citizens…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.5% of users find it useful
In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired
Read TextPreview

Extract of sample
"In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired"

Download file to see previous pages However, this program is under scrutiny as it is estimated that in the next decades, as more and more citizens of the Baby Boomers generation retire, the payouts would be higher than that of the benefits. The current stress on the economy along with an uncertain future about the Social Security program adds further concerns. The wide speculation is that the benefits gained out of this program would not be enough for retirement and there is a need to look at additional investment options such as IRA and 401K. Hence, relying on Social Security program would not be enough to suffice for the entire retired life. Retirement planning in the United States is essential and Social Security program is not enough to cover all the needs post retirement. The social security program came into existence in 1935 and has undergone several amendments since then to include many different social welfare clauses. This program works through the payroll taxes, where the individual pays a certain amount and the employee also adds that amount. This constitutes a fund that is released at the time of retirement along with the interest amount added to it. Hence, the goal Social Security is to work as a unique program where citizens do not have to undergo financial stress to save money for retirement. For a participant of the Social Security program, the benefits are given out in the form an annuity, which is paid for the rest of the beneficiary’s life. The benefits are also adjusted according the level of inflation in order to make sure that the benefits are not less as time passes by (Brown et al, 2009). In addition, this program also has benefits for the spouse and the dependents to support the family even in an event of death. Hence, this program aims to provide real benefits to the retiree. The social security program was designed in such a manner that it should cover all the needs for a retiree and there should be no need of an additional investment in terms of retirement planning. However, in the recent times, there have been apprehensions about whether social security would be enough to cover all the needs during retirement. There are some main reasons that are causing this concern among the American citizens and forcing them to consider other factors. They are the funds of the Social Security program getting exhausted, weak economy and demographic trends. One of the main concerns is how the social security program would be drained out of all its funds in the years to come. This would happen because a huge chunk of population, the Baby Boomers generation would retire in the next decade, causing a huge deficit on the funds of social security. In 2010, the total income that was earned through the tax payroll was $781.1 billion, where as the amount that was paid through the taxes were $721.5 billion. Hence, there was a total increase in assets of only $68.6 billion (Whibey, 2011). According to the estimation done by Ohlemacher, this fund would totally drain out by the year 2037. In 2011, it is projected that social security would collect around $45 billion less in payroll taxes than what it would pay out during retirement (Ohlemacher, 2011). Therefore, according to the rate at which the Social Security funds are getting exhausted, it would be impossible to sustain this program without any legislative intervention. It ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“In the United States, we do not need to plan for retirement. Social Essay - 2”, n.d.)
Retrieved de https://studentshare.org/english/1430297-in-the-united-states-we-do-not-need-to-plan-for
(In the United States, We Do Not Need to Plan for Retirement. Social Essay - 2)
“In the United States, We Do Not Need to Plan for Retirement. Social Essay - 2”, n.d. https://studentshare.org/english/1430297-in-the-united-states-we-do-not-need-to-plan-for.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
In the united States we do not need to plan for retirement Social Security will cover our needs when we retired
This wrong notion still persists even today because people are inclined to assume that the government will give them the things they will need in the retirement phase of their lives. This is perhaps understandable as they had been contributing to the social security fund all their working lives and expect in return that the government will somehow ease their sunset years.
7 Pages(1750 words)Essay
When should we trust our senses to give us truth
The lack of proper understanding with regards to knowing the truth is another aspect which puts us back on our wheels and thus our journey to find out the truth keeps
5 Pages(1250 words)Essay
Depletion of Social Security For The Retired
In the light of other retirement benefits, encountering a problem it sounds irresponsible in weakening up the social security system. The social security problems centering
10 Pages(2500 words)Essay
Social Security research
Although the intention of the system if good, the method by which it is implemented leaves plenty to be desired. Today, the social security is known to be on the verge of
14 Pages(3500 words)Essay
1. What is social security from a macroeconomic view 2. Why do we need social security 3. why should I care about social security, Who is going to fund my social security benefit in 2055, Is there enough financing
In 2003, this program had not less than 47 million recipients whereby 32.6 million happened to be retired workers along with their dependent relations, 6.8 million were deceased employees’ survivors while
2 Pages(500 words)Essay
In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired
Technology has also granted other benefits such as access to a greater amount of resources, extending the life of people and curing diseases, etc. Thus, the world’s mortality rate has been dropping and the birth rate of people in the world has been increasing, as more people are able to afford families.
4 Pages(1000 words)Essay
Do we still need library
Librarians are continually faced with the uphill task of redefining their position, rethinking the modes of service delivery, designing new models for librarianship and strategizing their futures. However, they have the opportunity of gaining a better understanding of their users and as such, more is expected from them compared to librarians in the past.
4 Pages(1000 words)Essay
Social Security
There has also been an influx in older Americans have to acquire “retirement jobs” in order to maintain their income. Many low-income households utilize social security as their only income source. Women and minorities depend on Social Security due to lack of education and employment therefore leading to accepting minimum wage positions in which they are unable to save or invest to supplement social security benefits.
8 Pages(2000 words)Research Paper
When should we bring our troops home from Iraq
A timetable will help the terrorists, will encourage them that they could defeat the superpower of the world and the Iraqi people”. 6 years, 455 Bn dollars and over 4421 military deaths later, Mr. Talabani’s words on ‘timetable’ still hold true with the current 50,000 US military boots on the grounds of Iraq.
8 Pages(2000 words)Essay
In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired
There are some people having firm faith upon the social security however as the financial and economic situation of the country is changing in respond to different national and international financial crisis, the perception of people about the national security funds is also changing.
4 Pages(1000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired for FREE!
logo footer
Contact us:
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us