Discussion
1. As you read Chapter 7 and the related material I want you to think about how you will provide for your life as an aged person. The United States is reaching a critical point in needing to make some decisions about Social Security and working to insure its stability. Chapter 7 looks at a number of different choices.
• I have never thought much about how I will provide for myself as an aged person. As a college student, all I have focused on is graduating and starting my career. After reading chapter 7, I can see now how not only is it good to start contemplating how I will I provide for myself, it is necessary. Like chapter 7 discusses, the current social security program cannot guarantee an economic secure future for its eventual …show more content…
Since I’m 21, it would not allow me to calculate my estimate. So I went ahead and put that I was 22 years old. I entered my birthday and the salary of an MSW social worker in the state of NM, which was around $55,436. I also gave the estimated year when I would retire. This was May of 2062, at this time I will be 67 years old. I also allowed it to adjust for inflation. The calculator estimated that my monthly benefit amount, beginning at age 68 in 2062, would be around $1,700. If it was just me who had to live off of this per month, I feel that I could potentially make by. Living would be very tight though. I currently have not saved in any retirement programs. I haven’t had a job that has provided a steady income, all that I make goes to paying for school and living expenses. I’ve been waiting to start my career to start saving for retirement. After reading chapter 7, I can see how retirement programs are not reliable and I feel that I wouldn’t be able to count on them when I retire.
4. At retirement age you may well need to look at how to provide for another 30 years of life or even more. What will happen to you if you outlive your retirement
1. As you read Chapter 7 and the related material I want you to think about how you will provide for your life as an aged person. The United States is reaching a critical point in needing to make some decisions about Social Security and working to insure its stability. Chapter 7 looks at a number of different choices.
• I have never thought much about how I will provide for myself as an aged person. As a college student, all I have focused on is graduating and starting my career. After reading chapter 7, I can see now how not only is it good to start contemplating how I will I provide for myself, it is necessary. Like chapter 7 discusses, the current social security program cannot guarantee an economic secure future for its eventual …show more content…
Since I’m 21, it would not allow me to calculate my estimate. So I went ahead and put that I was 22 years old. I entered my birthday and the salary of an MSW social worker in the state of NM, which was around $55,436. I also gave the estimated year when I would retire. This was May of 2062, at this time I will be 67 years old. I also allowed it to adjust for inflation. The calculator estimated that my monthly benefit amount, beginning at age 68 in 2062, would be around $1,700. If it was just me who had to live off of this per month, I feel that I could potentially make by. Living would be very tight though. I currently have not saved in any retirement programs. I haven’t had a job that has provided a steady income, all that I make goes to paying for school and living expenses. I’ve been waiting to start my career to start saving for retirement. After reading chapter 7, I can see how retirement programs are not reliable and I feel that I wouldn’t be able to count on them when I retire.
4. At retirement age you may well need to look at how to provide for another 30 years of life or even more. What will happen to you if you outlive your retirement