The Pros And Cons Of Early Retirement

Social Security Provides Important Retirement Benefits: According to the Social Security Administration, nine out of 10 Americans over the age of 65 receive retirement

The issues affecting he baby boomer generation is the possibility of lack of funds for them takes care of themselves. The amount of baby boomers is also a concern, because there are so many people turning 65 at the same time that mean they will also be eligible for Medicare at the same time.

Hello to all those that want to retire one day. I would congratulate you, but at this very moment, one of most important government systems has a major problem. Today our country is stricken with a depleting social security fund, one that is predicted to run out in less than 20 years. In the past, every politician and leader has tried to push this widely underrated issue to next in line but ultimately causing more havoc on all of us. Throughout our country, many are unaware of the circumstances that will come from this catastrophe. Although I am still very young, one day I hope to enter the workforce and eventually retire, hopefully receiving the same benefits that those before me have received. Of course, I’m talking about Social Security, the federal insurance program that provides benefits to retired people and those who are unemployed or disabled. But as of now, this looks doubtful due to the already overwhelming amount of people who receive Social Security that is causing the system to divulge into its trust fund. The present Social Security issue is not one that an individual can change by him or herself but rather if we all work together and go to our legislators we will be able to solve this epidemic.

We could save the Social Security Program, if we engaged in some simple changes. There could be some slight changes in the retirement age area and in the Taxes area. According to the Article "Modest Changes Could save Social Security Program" written by Stephen Ohlemacher, he clearly stated that employees are 100% grantee for an full retirement benefit package once the hit the age of sixty-six. It will later rises to the age of sixty-seven for elders that was born in 1960 or later. In addition, employees are able to receive an early retirement at the age of sixty-two, although their retirement benefits would have been reduced (Ohlemacher). Some changes we can apply to the retirement age, is that we could slightly increase the retirement age until it reaches seventy in the year 2027, which would eliminate some shortfall in the program. Secondly, there should be a three-year increase in the early retirement age,

Additionally, its privatization will leave its recipients better off. In today's world retirement is an enormous milestone in a worker's life and having enough money is an important determinant of when that happens. Social Security is a large contributor in allowing Americans to be able to retire. With about the privatization of Social Security, the ability for any worker to retire at a reasonable age will become much more difficult. Is it right for the elderly to be forced to work longer than they

(Life Expectancy) This means, on average, people are around 13 years away from death by the time their social security kicks in. While many people could probably use the help provided by Social Security at this age due to their weakening bodies, they clearly are a much broader demographic and, on average, in less need of support from the program. Many people reaching retirement age in the modern day are still active and take up hobbies. (Novak) Clearly they can still provide for themselves by working. It should not be the job of the government to provide for people who do not need the

In 1935, the Social Security Act became an actual law and with several amendments through the years it paid benefits to the retired, disabled, and Medicare. Any one can begin claiming benefits at the age 62, however to receive full benefits the beneficiary should wait until the recognized retirement age with flexes depended upon the year of birth and to point out that anyone born after 1960 will have a retirement age sixty-seven. Other ways to receive social security compensation is to claim a deceased spouse’s benefits, a child under eighteen that survived their parents or disabled is entitled to benefits any may also receive compensation, and disabled worker between the ages of 50-64 and disabled adult children. Medicare which provides healthcare coverage to many Americans that are 65 or older. Almost twenty million signed up for Medicare within the first three years of the medicare program. With all the changing within the time the cost of living will occasionally rise so important provision for the increase in Social Security benefits creating the automatic cost of living

Therefore, Congress will have to close the gap somehow and will probably scale back on benefits or increase taxes or even a combination of the two. Social Security will most likely NOT be available when I come to retiring age, unless there is some sort of reform. Perhaps there will be some benefits, but certainly not as much as retirees are currently receiving, which really is not all that much to begin with. As I said before, though, Social Security was never meant to be the only income source in our older age. Whether Social Security is fully available when I do retire (which I do not believe that it will be) or only partially, people of my age need to start planning for retirement now and become less dependent upon the government. We can do that by putting our paycheck towards a 401(k) plan or a Roth IRA. Unless there is some sort of reform that changes everything, there is absolutely no way that Americans my age will receive a comfortable and livable wage from Social Security. While that may be disappointing to hear, it is not necessarily a bad

     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

Early retirement has been around since the inception of social security. The age requirements have constantly changed over the years. The government at first had stricter requirements for receiving Social Security such as very high retirement ages, and over the years it has been liberalized so access to Security is much easier. The FRA (Full Retirement Age) is constantly changing compared to static early retirement acceptance window.

2. If you “forget” about the percentage of your check that is going into the 401K and structure your budget on the remaining amount you will find saving easy and rewarding.

One of the very first topics that I will elaborate on is the economic aspects of my later life. As of November 13, 2016, I have had an account opened for my retirement fund. Its pertinent that I, personally have this account. I have this account to be my cushion to “fall back on” if any of my other plans for aging do not fall through. “Currently, the full benefit age is 66 years and 2 months for people born in 1955, and it will gradually rise to 67 for those born in 1960 or later.” (National Academy of Social Insurance, 2017)

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

Mandatory retirement is perhaps a necessary evil; as older employees are forced out of the work force, it creates space for new, younger employees. Mandatory retirement is a form of age discrimination, it forces a person to retire because they are a certain age; it does not take into account if that person wants to retire. It also does not take into account the financial standing of the individual, or if they are physically or mentally still capable of doing the job.

Unlike the old days where a retiree could rest assured that they could live out the rest of their life on their pension and social security checks, the retirees of today receive their pensions paid out in a lump sum that takes the place of the pension check, but encompasses the total amount a retiree has to live on until they pass away. This creates uncertainty in the amount a retiree can spend per month, and if the total amount is sufficient to last them until they pass away. Immediate annuities help to create certainty in the financial situation of retirees. While retirees can be certain that they will receive a social security check each month, the amount of income they