Benefits And Benefits Of Retirement Savings

He is 61 years old and the oldest out of three. Although he received a heathy settlement, his medical bills, mortgages, drugs and cars have left him drained. His share from legal settlement used to provide him with $8,000 a month. Now he struggles to get by on about $700 a month in government disability payments.

I’m sick of talking about money. I’m angry. I’m frustrated. He doesn't understand. He needs to understand. Money isn’t everything. We should be grateful of what we have now. He has everything I have ever wanted; love, a house, and freedom. Walter has so much to be thankful for like his job, his wife, and his son. But he only cares about money. I told him how when I was his age, there was no talk about money, but about freedom. Times have changed.

He was working the off-duty security job to earn extra money so he and his new wife could buy a house.

Father was at its all time low. With the struggle to pay the bills and lack of

As you may know there are two types of pension plans that are most commonly used: a defined contribution plan and a defined benefit plan. “A defined contribution plan sets forth a certain amount that the employer is to contribute to the plan each period (Schroeder, Clark, & Cathey, "Pensions and Other Postretirement Benefits," 2011). “A defined benefit plan specifies the amount of pension benefits to be paid out to plan recipients in the future. Companies that use this plan must make sufficient contributions to the funding agency in order to meet benefit requirements

family. He also had family members back in Cuba who were depending on him financially. He

M.Q. said that she considered herself retired at 64. However, she began planning for her retirement almost thirty years prior, at the age of 38. As M.Q. was a registered nurse, she did not start a 401 K. Instead, she started a 401 B. One of M.Q.’s chief joys and complaints about retirement is all of her free time. She enjoys it because it lets her spend more time with her extended family, her husband, and her dogs. She dislikes it because she often finds herself

He always enjoyed picking up the check when we went on dates but I knew that most of the money he earned at his job as a Salesman for Winters Auto and Trucks Sales was mostly used to help his mothers and brothers.

The passing of the Social Security Act generated a social insurance program that protected a multiplicity of people by supplying a monthly benefit to societal individuals age 65 and older who were no longer actively working; it was a means of income to individuals once they retired and was based on the person’s payroll tax contribution (Martin & Weaver, 2005). The longer amount of years a person was employed, the higher their benefit amount is set to be. Social weighing was a method they used to guarantee that the lower earning people receive a respectively greater income than their past earnings. (DeWitt, 2010). Not long after the Social Security Act was passed, legislation had considerable amounts of amendments to the original Social Security Act of 1935, and in 1939 the notion of economic security became family based; which it was then modified in order to supplement benefits to the spouse or young children of a retired worker, also providing welfare to a household who lost the loved one that was a covered worker (King & Cecil, 2006). In addition, the Social Security amendments of 1939 altered the benefits to be given to earlier participants and not focusing on giving benefits to future members in the Social Security program, also causing the arrangement of welfare to be provided to families rather than just an individual (DeWitt, 2007). Social Security being emphasized as an insurance rather than a savings, and carrying payroll tax money into the future would have

During the depression, approximately 50% of senior citizens lived in poverty. Like many Americans appalled at the sight of fellow citizens living their final years in poverty after a lifetime of hard work, FDR believed that a nation as prosperous and advanced as the U.S. should not allow retired citizens to suffer poverty. It protects citizens from poverty during retirement, and provides temporary relief for involuntary unemployed Americans and families seeking new jobs- a program known as Unemployment Insurance. The funds for Social Security are collected from every paycheck-worker and employers split the tax contributions that the government collects. After age 62, citizens receive a monthly pension check back from the government.

and can no longer work to support his family.  The inability to work because he

He was paying out of pocket for everything because the government kept on denying his request for disability and social security income. I remember always seeing him take fifteen pills at a time with every meal he would eat.

Aging American must now secure other streams of income for retirement to secure their lifestyle, for which they’ve grown accustomed,

Adults haven’t fared any better. In a retirement income literacy survey conducted for The American College of Financial Services last year, 80% of the

With the workforce in America decreasing due to hard economic times, there is no guarantee the money put into the reserve will sufficiently support a generation when it is time for retirement. Depending on Social Security to support a person financially when ready to retire, will leave that individual in even more of a struggle than the beneficiaries trying to survive in these earlier years of the 21 century. Social Security benefits represent about 41% of the income of the elderly; if there is not enough to support even half of the elderly’s financial needs now, there is no reason a younger person should depend on it alone for retirement (Dewitt, 2010) in the future.