|Rough Draft of Your Final Paper |2011 |
Rough Draft of Your Final Paper
Steven A. Tijerina
Although Social Security can continue to pay full benefits as long as new workers continue to pay new payroll taxes, planning for retirement beats relying on a fixed monthly check from Social Security. Many Americans fear that Social Security will collapse or have no funds when they reach retirement, and the expenses of health costs such as Medicare deductibles, co-pays, and premiums further the strain on the retiree.
Planning for retirement is better than depending on a monthly Social Security check because the cost of living during retirement may be more than the money in the bank. Today the average person pays living expenses such as mortgages, utilities, food, supplies, clothes, and transportation so making the right choices is vital because that carries over into retirement. Plan to cover those needs throughout the retirement stage by investing or saving away enough money for when the time comes. The war advances on stressing the importance of planning a successful retirement with 401-Ks, IRAs, and CDs. The transition from the Grand Hyatt to the corner house on Lamar and Grimes may be a hard transition for many, therefor preparing for retirement may be harder for some people to arrive there.
Add to those expenses the cost of a 20% Medicare deductible, doctor co-pays, monthly premiums, and prescription cost adding to the problem. Once a retired worker reaches the age of 65, or once a worker becomes permanently disabled for 24 consecutive months, whichever comes first, he reaches the eligibility requirements for Medicare. The current cost of the 2011 Medicare Part A premium is $248 and the Part B premium is $450. “Most people do not pay a monthly Part A premium because they or a...
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