Social Security

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The Inevitable Future Retirement and Social Security issues have become local, national, and international concerns that will also affect each of us on a personal level. Social Security benefits began in 1935 when the depression hit and put many elderly people out of work (http://ssa-custhelp.ssa.gov). Social Security has been around for over 70 years providing a dependable monthly income with automatic increases as the cost of living increased. The Social Security Administration reports that workers need 70-80 percent of pre-retirement income once retired and Social Security only provides about 40 percent (www.ssa.gov). The depletion of funds is becoming a great concern and is also getting worse with each generation. Social…show more content…
The money available for retirement is a critical factor in determining when a person can afford to retire. If there isn’t enough money to live off of and receive on a monthly basis then it will prolong my retirement and I may have to keep working. Other things that I see an increase in are homelessness and poverty rates because these things happen when people aren’t receiving adequate income to support themselves, especially the ones who are disabled and unable to work. Although this is worldwide concern and most of it is out of my control, I know I can be proactive and take a step to get ahead to save for times like these. Setting up a 401K when I am of age through future employment, contributing to an IRA, or investing might be good choices to plan for retirement. This way if Social Security benefits didn’t exist any longer I would have another source of funds for living when I choose to retire. Social Security was once considered “Americas Family Protection Plan”, because it is not only for those who are retired, but it also provides disability and survivors insurance protection (http://www.ssa.gov). This crisis will have a great affect on many people, therefore regardless of age everyone should have a concern. If it doesn’t affect them specifically it will affect others that they care about including, friends, parents, kids, and

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