We Need a Retirement Plan

Topics: Medicare, Retirement, Social Security Pages: 3 (1144 words) Published: May 29, 2011
With the way the economy is today, we need all the money we can get especially when we retire. The topic of my paper is “We do not need a retirement plan because social security will cover our needs when we retire. This is a topic that I strongly disagree with; Social Security alone will not be enough to cover our needs when we retire. Social Security or SSI is a program financed through general revenues; it is designed to help adults who are blind, the elderly and disabled people who have little or no income. SSI provides cash to meet basic needs for food, clothing, and shelter. Whether you can get SSI depends on your income and things you own. SSI benefits are payable to adults who have limited income and resources, meet the living requirements, and are otherwise eligible. If you don’t fall into any of these categories and you have already retired without a retirement plan, you won’t have a source of income to support yourself. The Federal benefit rate for a SSI payment is $674 dollars, as we all know $674.00 is not nearly enough to live, and that may only be enough to pay your rent. You will still have other living expenses such as food, bills, and personal items, not to mention health care. Although there is Medicaid, and Medicare but not everyone is eligible to receive those benefits. These are a few reasons why Social Security will not be enough to cover our needs when we retire without a retirement plan. With Social Security there is no guarantee that you will qualify to receive payment. SSI is based on your income, money that you receive such as wedges, other SSI benefits, and pensions. The amount of income you can receive each month and still get SSI depends partly on where you live. Some of the resources used in the qualification process are; real estate, bank accounts, stocks and bonds, and cash. You may be able to receive SSI benefits if your resources are worth no more than $2,000. A couple may be eligible to receive SSI benefits if their resources...
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