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Social Security: Not a Reliable Source of Retirement Melynda Knowles COM/156 March 18, 2011 Marsha L. Parker
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It has been a thought that there is no need to have an additional retirement plan to provide for the needs in retirement of the American working class. It is widely believed that Social Security will satisfactorily provide for the needs of Americans during retirement. 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 . The truth of the matter is that many Americans don’t understand that Social Security is failing. It is sliding on a downward slope of decay that will inevitably lead to shortfalls in funds, a sharp cutting of payment benefits and its ultimate demise by the year 2041. 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 In order to meet their needs when they retire, all Americans are in need of a retirement plan to counter the short falls of Social Security. Retirement is something that should be planned for as carefully as we plan our careers, families and the course of our lives. Social Security is a fixed income that adjusts itself based upon legislation enacted in 1973 which provides for cost-of-living adjustments, also known as a COLA. Social Security and Supplemental Security Income (SSI) benefits keep pace with inflation by the use of COLAs. Cost of Living adjustments to Social Security increase payment benefits which are based on the consumer price index in the 3rd quarter of any given year. In the third quarter of 2009 and in 2010 the CPI did
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This note was uploaded on 05/06/2011 for the course COM 156 COM 156 taught by Professor Dr.jessicaguire during the Spring '11 term at University of Phoenix.

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rough draft - Social Security: Not a Reliable Source of...

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