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

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[Professor Name] [Course Number] [Professor Name] [Date] Plan for Retirement because Social Security is not enough The issue of stability of social security was evolved in 1990s when the issue was brought in front of the nation for debates. Since then it remain a controversial issue and people of different school of thought and perception use to keep different thoughts regarding the reliability upon the social security (Megan, p1)…
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In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired
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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 People at large now believe that the social security funds are not enough to provide financial shelter to the retired people and one should plan for his retirement without expecting that he will get enough from the national social security fund to fulfil all of his needs of the retired life (Brown et al, p83). The national social security program relies upon the taxes of the existing working force. The danger of the fiscal imbalance always remain associated with the social security funds because the number of retired people eligible to draw the funds anytime exceed the number of the workers paying to the system. This imbalance will cause the social security funds to run in deficit and the retired people will no longer be able to draw the desired amount of funds from the funds. The economic instability drawn by the financial recession and increase in the unemployment within the country has also increased the probabilities that the national security funds will run out few years before it has been projected by the financial experts (Stephen, p1). On average, the social security funds provide $1,076 per month to over 54 million Americans (Brown et al, p83). ...
ts of the social security are more than the tax payers and in the coming years it is expected to record more imbalance in the ratio of retired and tax payer people. The government fiscal deficit has been increased to $1.5 trillion in 2011 due to which the funds available to pay the retirees are also expected to shrink in the coming years (Brown et al, p83). The issue of running out of the social security fund is great point of concern for the people in United States because the generally people use to reply upon these funds to meet their needs of the retired life. The social security funds could be deem as source of getting enough for the retired life but as the economy of the country is witnessing transformational changes due to number of factors it could no longer be a wise decision to reply upon the social security funds for the retired life. The people should now focus upon their individual planning so that they could spend their retired life with peace and financial security (Brown et al, p83). When the social security program was initiated in 1980s the fund reached the level of $2.5 trillion surplus within few years and it was expected that it will sufficiently pay out the benefits to the people until 2037. The projected year of running out in deficit is still not much close but the funds are already drained and the social security funds are now not enough to pay funds to all the eligible people until and unless the fund is provided from any other source. The danger of the collapse of the national security funds could not be overlook in the current situation where there is high level of economic uncertainty, instability and unemployment in the country (Megan, p1). It has been reported by most of the credible news sources like Associated Press, BBC and CNCB that ...Download file to see next pagesRead More
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