Social Security and Retirement Needs
The Social Security Act was created on August the fourteenth 1935 when President Roosevelt signed the bill into law at a ceremony in the White House Cabinet Room (Social Security, n.d). It will be in no time at all when retirement comes knocking on peoples doors, which have nothing other than what Social Security can offer. Step up to the plate people and do your own due diligence and plan for your future needs. The amount that many may think they will get will not hold up to the cost of living. Social Security will only help with less than half of the cost of living expenses. This program was designed to only supplement part of people’s income, not to mention the age to receive full benefits is now 67. Part of the age increase is because of the decrease of employment. Many people pay into Social Security and think it will support their retirement needs; it will not cover retirement needs because the age to retire is being pushed back, and employment rates are on a downward slope.
Being alive to collect the benefits, would be nice don’t you think so? Well lets say you are not. Lets also say you have no minor children for the money to go to as well. The government keeps that money and that person does not have the right to delegate who the money goes to in the event a person passes away before they retire. So it would be nice to have alternative plans to your retirement needs. Opening up an Individual Retirement Account (IRA), 401K, or an insurance policy of your liking may help in the retirement process. People also in these plans get to delegate what happens to their money in case of an untimely death. When he or she retires they still have household bills to pay, such as medical expenses, food in their stomach, and a roof over his or her head. The reason Social Security will not cover retirement needs is because this... [continues]
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