Social Security For All My Retirement Income

Kathleen M. Rehl, PhD, CFP, CeFT, shares insightful experience and expertise on working with widows through her speaking, writing, and mentoring. Carolyn C. Moor is the executive director and founder of Modern Widows Club, a nonprofit organization leading a movement to enable and empower widows to become mentors, leaders, and advocates. Linda Y. Leitz, CFP, EA, CDFA, is co-owner of It’s Not Just Money, Inc., a fee-only financial planning firm in Colorado Springs that serves middle-income clients, including those who are single due to the death of a spouse or to divorce. John E. Grable, PhD, CFP, holds an Athletic Association Endowed Professorship at the University of Georgia where he conducts research and teaches financial planning. When I look at the background of each author I can see how they teamed up together to write this article on financial planning for

The Social Security Act was implemented in 1935, after the stock market crash had wiped out the savings of millions of Americans, the nation reached out to their president to guarantee the elderly a decent income. The original Act provides retirement benefits payable to a person 65 years and older who were no longer working. There were very few people that had access to pension from their employers and through government pension programs. Most of the elderly lacked enough income to be living on their own without working. The Social Security Act was enacted at the urging or President Franklin D. Roosevelt to create a social insurance program that ensures workers

For over 80 years social security has provided Americans with money after they reach the minimum age requirement. This money has provided retirement money for millions of people across the country but is now in jeopardy. To get an understanding of the current and future situation of social security it’s important to understand what social security is, when it was created, why it was created, and also how it has performed since it was created. After getting an understanding of social security I will then talk about the current state of social security including problems with it and the different arguments that are being made about what should be done with social security. The problems and current situation of social security will also be

Many argue social security pay to beneficiaries will become depleted by the year 2037 due to the modest working class. Solvency can be defined by the availability of assets to be payed in full to beneficiaries (The Future Financial). The Social Security Administration is a department of the Federal Government. It is responsible for retirement, disability, and survivor’s benefits. Retirement, disability, and Survivor benefits come in the form of monthly payments to beneficiaries. Income is based upon how much taxes a working class American pays into the program. The Social Security board of Trustees report on the total assets generated by the American working class. In addition to the dwindling working class, the ‘baby boomers’ will be leaving

     There is much-heated debate on the issues of Social Security today. The Social Security system is the largest government program of income distribution in the United States. People are concerned that they won't see a dime of what they worked so hard to contribute into the Social Security system for so many years. Social Security provides benefits to about forty-three million Americans. Not only to retired workers, but also to their spouses and dependents of the workers who die prematurely. It also provides benefits to disabled workers and their dependents. Social Security appears to most people like a simple retirement saving’s account. After all, you generally

The original intention for creating social security was to act as a safety net for retirees, but as time past, there seems to be a great deal of economic issues relating to the program. Social Security was created to help benefit retired workers, spouse and children of deceased workers, as well as workers who have become disabled before retirement. This insurance program provides retirees with a steady income once they retire. President Roosevelt signed the program into law on August 14,1935 (“FDR signs”, 2009). Since then, Social Security has been beneficial for many workers and retirees. In fact, social security has become the main source of income for many retirees.

Too many working Americans citizens are not making enough income for their daily living. Thus, they suffer drastically to make an honest living (Holzmann, 2015). Due to the collapse of the economy, so many people have lost their jobs and even their retirement savings. Many Americans are living way below the poverty line. With the cost of living going up and a minimum wage at a standstill, many are going for government aid such as income support. Income support is the extra money for low-income earners and those with no income. Programs such Temporary Assistance For Needy Families, Supplemental Security Income and Social Security are benefits that provide income to the needy, to maintain their moral and healthy lifestyle (Plotnick,

The Social Security administers the retirement, disability and survivor benefits for people in the United States. Also, the social security benefits nearly every family, and in a given point will influence the life of almost everyone in the United States. Nowadays, most of the beneficiaries are retirees and their families. Some of the benefits that the social security program offer are the financing, social services, and benefits for incapacity.

“Social security alone is not a reliable source for your retirement income.” This could be true and false. For the average working person, Social Security may replace 40% of preretirement. It is very important that senior citizen include this factor into their retirement planning. Think about how much 40% really is. If you’re training for a marathon, you wouldn’t want to run 36.5 miles instead of 26.2, which is 40% less of a trek. When you’re calculating how much you should save for retirement, it is always good to know how much is automatically covered.

Retirement in the United States of America, officially when an individual turns 66 or 67 years old, depending on their year of birth, is a time span that many look forward to in their latter years before they pass away. It is a time of relaxation and enjoyment that is usually spent with their friends and family. It seems to be that the main concern of retirement has to do with financial security once the pay checks stop. The amount of benefits in Social Security received depends on how much someone works and their annual income. Another important factor that contributes to the amount of benefits is their actuarial projection, a plan that has been set forth by someone who examines the amount of time that a person is expected to live,

Gradually, the Social Security Administration has grappled to accommodate a host of novel demographic trends, namely those impacting the retirement sector of the American population. Continuously, with advances in the medical realm, the senior population is steadily extending its lifespan, and thus, retirement altogether, introducing a wealth of new economic considerations. As human longevity increases, the Social Security system proves increasingly unsustainable, specifically in the pension department-among other areas. As workforce involvement declines with age, the budgetary deficit and low supplementary funding plague the social security system. Unless crucial economic reforms are made, the present rate of pension disbursement will

I just wanted to include a few interesting facts to go along with your response regarding retirement age that I found interesting. Social Security benefits go beyond the retired worker. It offers disability compensation for a person who is unable to work due to a disability and covers any dependents. If you receive Social Security disability, you are then eligible for Medicare as well. Being married also brings spousal benefits. Once your spouse has applied for his or her own benefits, then you can apply for spousal benefits. This is worth up to fifty percent of your spouse's benefits. For example, if your benefit is worth $500 and your spouse's is worth $2,000 then you can switch to spousal benefits that would be worth $1,000.

While most people think Social Security is just for the retired, this program covers a lot people including the disabled, survivors of workers who died, dependents of beneficiaries. Depending on the circumstances mentioned above such as income, some can receive social security at any age, and in fact Social Security provides more benefits for children than other government program (Understanding the Benefits).

He is a supportive husband, and enjoys being able to be there for her, as well as going fishing, working around his house, and spending time with family, including his wife. Contrary to I.W., we conducted his interview over the phone, since he lives in North Carolina, and he happens to be a new friend’s grandfather. His attitude towards retirement is a very positive one, and he seems to be enjoying his current retired life. This paper explores the answers the interviewees provide when questioned about their retirement, some similarities and differences between the two, and the common issue of finances, along with two nursing journals about finances that relate to both I.W. and D.D.

Planning for retirement should not be based on Social Security alone, but rather by saving portions of personal earned wages and putting finances into long-term investments. Depending on Social Security as the only income after retiring is an unsafe and undependable way to prepare for retirement. People who contribute to Social Security are mandatorily putting money into the Social Security Reserve; this money is used for older generations that will file for these benefits before the younger people working, in the early 21 century, ever receive a chance. Money controlled by other’s hands will never be a guarantee for a secure future, yet money saved by an individual to put toward personal goals will reward greatly. By taking the time to