You dont want to rely on just one stool social

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You don’t want to rely on just one stool Social security: income coming from the government never meant to be your only source of income. Created during the great depression, it was a movement that advocated pensions to older people. It favors the low-income people. Work history except if you are disabled. Easy to apply for you just go online. If you have more workers who are under SSI they are able to pay into SS. Single people are more likely to get SS because it benefits them more. 2017 the fund will start to lose money because all the baby boomers will start to retire. 2041 funds will get really low unless they do something about it such as pushing back the age of SS. Widows compensation: if husband was working into SS then the children and wife get the benefits if husband dies. Employer pension: vary on the type of job you have that’s why it is important to see what kind of pension system they have. Defined contribution system: your employer provides a pension puts a risk on the individual, they invest in them. Less predictable in your retirement, could be paid over your lifetime or all at once. Defined benefits: based on formula from the number of years you have worked at that company and your salary. The other leg of the stool is your savings! 4 th leg: additional employment income Health insurance: economic well being, 75 or older you are more at a disadvantage because they have the lowest income and a lot of poverty. Medicare: age 65, with a 3-month window before and after 65 to apply. Part A: hospitalization- everything is free except for a copayment. Part B: 80% of the bill is covered doctors visits, testing, x-rays, insurance premium 210$ that you pay every month. Part D: medication coverage Medical: pays anything that part B doesn’t cover in Medicare.
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Poverty level has changed for the older adults and it will get better with the affluent baby boomers. They like doing things that have no age association with it.
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  • Spring '08
  • Squires
  • Government, Supplemental Security Income, employer pensions

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