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A Safer Approach To Retirement Planning

998 words - 4 pages

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 a lazier and undependable way to prepare for retirement. People who contribute to Social Security are mandatorily putting money into the Social Security Reserve; the money is used for older generations that will file for these benefits before the younger people working in the early 21 century even receive the chance. Money controlled by other’s hands will never be a guarantee for a secure future, yet money saved with the personal goals of an individual can reward greatly. Taking the time to research and plan for a retirement can make a person prepare for the necessities that will be needed after retiring. Through researching, people can figure out the cost of living that will be required to support that individual upon retirement. Cost of insurance and medical expenses will be higher and need to be planned for accordingly to create as close to an accurate retirement plan as possible. Forthcoming financial situations will be harder to face unless a retirement is planned for by saving and investing, not by planning to be covered by Social Security alone.
Social Security is not a reliable investment for total financial stability after retirement. Social Security was created in 1935 to ensure financial stability in the lives of the elderly and disabled (Dewitt, 2010). Later there was an additional benefit added to include the families of the disabled or diseased that had contributed to the program. So for every employee working hard and trusting the United States Government to put aside a certain percentage for a secure future, there are two, three, or even more who may be receiving additional support in present time, from the tax money taken out of the employees checks. As a result of these changes, the beneficiaries of Social Security in America doubled in size from 1970 to 2010, raising the payments made from $31,863,000 to over $600,000,000 in just 40 years; however, the amount of money put into the Social Security Reserve did not double in size (Dewitt, 2010). With the workforce in America decreasing due to hard economic times, there is no guarantee the money put into the reserve will sufficiently support the younger generation when it is time to retire. Depending on Social Security to support a younger 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, there is no reason a younger person should depend on it alone for retirement.
Saving small sums of wages during a length of time will contribute more money to the financial plans...

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