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Unformatted text preview: In the United States, it is essential that we plan for retirement because Social Security will not cover our needs. According to Tracy Anne (2004), "62 out of 100 retirees retire with less than $25,000 in assets and depend on Social Security, family, and charity for their retirement.” (More statistics, para. 3). This amount means that less than half of retirees are able to be self- sufficient after retiring. This is a startling statistic and calls for workers to start planning for retirement now. Without proper planning, a retiree is forced to rely on others to meet basic needs. This practice is unreliable as economic conditions can force a charity or family member to no longer supply funds for a retired individual. This becomes a dangerous practice, and means that many retirees will be unable to cover the costs of even basic needs. Many retirees are being forced to work after retirement to provide for their basic needs. Johnson (2008), "Surveys by the Employee Benefit Research Institute show that at least 25% of retirees surveyed in the past five...
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- Spring '11
- unemployment insurance benefits, retirement goals, retirees