Retirement income is something most people do not prepare for. Many people think of retirement as an age to retire and not thinking of a way to save up after their long years of working. In today’s society, families spend most of their time worrying about their present financial situation that they forget to put away savings for their retirement. The higher costs of living put a damper on building a nest egg to save for the future. Older adults did not think of the possibility of living longer due to medical advancements that are available. As a result, older adults who have retired are more vulnerable to poverty as they are unable financially support themselves.
Luckily, there is something called Social Security. In 1938, President Roosevelt …show more content…
It has many benefits on relying on social security. [List out some of the benefits] Social security is a guaranteed benefit that is not subjected to investment risk or financial market fluctuations. [cbpp.org] It provides financial relief to employees whose employers did not offer any sort of retirement plans or 401K. Also, social security keeps up with the rate of inflation so that the recipients will not drop to poverty. [cbpp.org]
Social security benefits do not discriminate as it is an equal income regardless of race or gender. Minorities earn less than whites do. Women lower lifetime earnings and outlive their spouses. It acts as a life insurance. [find source]
Aging adults should not rely on social security as their primary source of income. For every 21 beneficiaries, there are 100 workers which shows that the economy is struggling to keep up with the rising number of aging adults. The longer the life expectancy a person have, the longer they have to keep up with medical costs to treat chronic diseases. Quinn (2016) states that social security should not be used as the only means of income and should be supplemented by other types of
Luckily, there is something called Social Security. In 1938, President Roosevelt …show more content…
It has many benefits on relying on social security. [List out some of the benefits] Social security is a guaranteed benefit that is not subjected to investment risk or financial market fluctuations. [cbpp.org] It provides financial relief to employees whose employers did not offer any sort of retirement plans or 401K. Also, social security keeps up with the rate of inflation so that the recipients will not drop to poverty. [cbpp.org]
Social security benefits do not discriminate as it is an equal income regardless of race or gender. Minorities earn less than whites do. Women lower lifetime earnings and outlive their spouses. It acts as a life insurance. [find source]
Aging adults should not rely on social security as their primary source of income. For every 21 beneficiaries, there are 100 workers which shows that the economy is struggling to keep up with the rising number of aging adults. The longer the life expectancy a person have, the longer they have to keep up with medical costs to treat chronic diseases. Quinn (2016) states that social security should not be used as the only means of income and should be supplemented by other types of