The Current Social Security Program Essay
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 aged citizens. Being that our generation is the one that will have to deal with this, it is crucial that we deal with this rising issue.
2. Making this issue even more critical is the disappearance of employee pension plans. Some employers offer a 401K plan, but when employees move they often take out this money to pay for moving expenses or to live on between finding employment. Make sure you understand the difference between a defined benefit retirement plan and a defined contribution retirement plan.
• What is adding to the severity of the issue is the disappearance of employee pension plans. Currently employers are more likely to offer 401k plans than pension plans. Popple and Leighninger (2015) report that “The traditional…