COM 156-Americans and the Essentials of Retirement Planning

COM 156-Americans and the Essentials of Retirement Planning...

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Americans and the Essentials of Retirement Planning Tara Von Gulner COM/156 University Composition and Communication II September 25, 2010 Jennifer-Lynn Jennings Axia College of University of Phoenix
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2 In the United States, it is essential that Americans 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 every day needs. Johnson (2008), "Surveys by the Employee Benefit Research Institute show that at least 25% of retirees surveyed in the past five years have gone back to work, said Craig Copeland, a senior research associate with EBRI.” (Retirement plans lost $2 trillion in 15 months, para. 7). With proper planning a retiree is able to enjoy the fruits of his or her labor over the years and can actualize retirement goals. Current economic conditions and inflation rates play a huge role in a retiree’s ability to meet retirement goals and be self sufficient. Inflation causes the same amount of money to cover less and less of expenses as the years go by. By planning for retirement, a worker is able to allow money to grow in a retirement account, and help meet the needs caused by inflation. This is necessary because inflation will have a greater effect on retirees as life expectancy continues to rise. Many current retirees also depend on large pension packages offered by the company that they worked for. This will not be an option for many future retirees because of current economic conditions in America. The economy continues to struggle in its efforts to rebound. Many
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COM 156-Americans and the Essentials of Retirement Planning...

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