Rough+Draft with comments - Running head: ROUGH DRAFT 1...

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Running head: ROUGH DRAFT 1 Rough Draft Steven Barry COM 156 November 14, 2010 Linda Troxler
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ROUGH DRAFT 2 Rough Draft In the United States, social security has played a big role in planning for retirement, but it will not be around much longer, so if you are an U.S. citizen who is not planning to retire in the next five to ten years you need to come up with a retirement plan that does not include social security benefits as a source of income. The intent of social security was never to cover all your retirement needs, but to aid in the expenses when you retire. President Franklin D. Roosevelt enacted social security insurance during the Great Depression and became a law on August 14, 1935. According to the Social Security Administration the new law was made to assist and provide benefits for the families who had elderly people who had the lack of funds to contribute the families living expenses and could no longer work to provide the necessary income. In the beginning, the benefits were limited and did not include many service-related workers (farmers, maids, household help), but after many amendments made to the program over the last 75- years benefits as of today are provided for almost all U.S. Citizens who reach retirement age, have a disability, or have a unexpected death in the immediate family. This is where the problem starts to occur according to the Social Security Administration. They state by 2037 the trust funds will be depleted because people are living longer and the birth rate is continuing to decrease. This means more and more people are retiring and less people are paying into the social security fund, so the ratio of workers to beneficiaries is falling. So citizens who retire after this date or who are retired before this date and are still collecting benefits will have to make some adjustments in the retirement plans because the money they are receiving or expect to receive will be considerably less or not exist at all. At this point the way social security stands anyone who is in their mid-forties or younger will not have the same social security benefits of today when they reach the retirement age, and that is if they are lucky and benefits are available at all. The Social Security Administration’s 2007 Trustee’s Report shows that by 2018 the administration will be paying out more money in benefits then it is taking in. Based on the report by 2037 the Social Security Administration will be able to only pay out 760 dollars to every 1000 dollars
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Rough+Draft with comments - Running head: ROUGH DRAFT 1...

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