COM2 Week 9 Assignment

COM2 Week 9 Assignment - CAN YOU RETIRE ON SOCIAL SECURITY...

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RETIRE ON SOCIAL SECURITY CAN YOU RETIRE ON SOCIAL SECURITY? THINK AGAIN! L’TOSHA SMITH UNIVERSITY OF PHOENIX September 12, 2010 1
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RETIRE ON SOCIAL SECURITY Depending only on Social Security when you retire may mean sacrificing everything, even your dreams. The average retiree has dreams of traveling, shopping and living similar to the way they lived while working, but the truth of the matter is 80 percent of people who retire will not be able to. Most people have not made enough in their lifetime to qualify for a decent social security payment amount so many find themselves living way under respectable living standards, depending on family and friends or sadly, to say some have even found themselves homeless. Unlike other European countries, in the United States we do need to plan for retirement. Social Security will not cover our current lifestyle, our medical needs and future dreams when we are retired. Living comfortably is impossible if you plan to solely depend on social security, because the average retiree will receive anywhere between $700 to $1100 dollars a month from Social Security upon retiring. This amount could not have sustained the average working person’s lifestyle and will not be able to support them once they retire. Nearly every person who solely depends on social security has to get some form of secondary income after retirement, unless they are planning to down grade their lifestyle tremendously. Seventy percent of retirees find themselves doing just that, adjusting their lifestyles, by moving to smaller government homes, sacrificing basic needs and not being able to totally retire. 2
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RETIRE ON SOCIAL SECURITY The following table gives you an idea of how much you will receive in Social Security benefits for the year 2010, based on your monthly benefits and estimated earnings. For people younger than full retirement age during the whole year If your monthly Social Security benefit is And you earn You will receive yearly benefits of $700 $14,160 or less $8.400 $700 $15,000 $7,980 $700 $20,000 $5,480 $900 $14,160 or less $10,800 $900 $15,000 $10,380 $900 $20,000 $7,880 $1,100 $14,160 or less $13,200 $1,100 $15,000 $12,780 $1,100 $20,000 $10,280 Table courtesy of http://www.ssa.gov/pubs/10069.html Based   on the information given in chart above the average retiree could not retire on
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This note was uploaded on 12/11/2010 for the course COM 201 taught by Professor T during the Spring '10 term at University of Phoenix.

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COM2 Week 9 Assignment - CAN YOU RETIRE ON SOCIAL SECURITY...

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