Tuesday, December 6, 2011

Social Security

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Only two people out of the nineteen responses according to Bill Staton of the Staton Institute, Inc. survey have started saving for their retirement. This is understandable because most of us probably think that retirement is something that is eons away. Because we are college students, our school schedule only allows us to work part time. Between the people that has started saving for their retirement, one person currently works full time. And this person also is participating in their employers profit sharing program or 401K plan. And this person also owns stocks. This person already has a good start. I myself have started saving for my retirement by starting an IRA. You simply cannot rely on Social Security to support you in your Golden Years. You can never start too early to save for your retirement. In fact, the earlier, the better. Today I will discuss Social Security and why the current system is not working, ways that you can start saving for your retirement, and the benefits of saving for your retirement instead of relying on Social Security. So let me start by discussing Social Security and why it is does not work.

First I will explain what Social Security is. Social Security is a Federal program where they take a percentage from all of the wages earned by workers in this country. The money that is collected is put in a trust fund that provides a monthly income for retired workers. These benefits are also partially available to the spouse of the deceased beneficiary, and it provides benefits for disabled workers. According to the article from The Heritage Foundation Issues 8 there are several problems to the current Social security system. Social Security gives a poor rate of return. The rate of return varies from person to person. For example, for the best case scenario, a married couple with two children and a single earner receives only 4.74 percent if the earner was born in 1. However, most of us were not born in 1 so that percentage decreases to less than .6 percent for those born in 176. Single men do the worst when they only have a rate of return of less than half a percent. People are becoming more dependent on Social Security. Today, Social Security benefits are the primary source of income for almost two thirds of all retirees. People dont know their rate of return on their Social Security taxes. A worker has no clear understanding of the yield on his or her investment in the Social Security program. The trust fund is running out of money. By 01, the Social Security trust funds are expected to start paying out more in benefits than it collects from taxes. Why? Because people are living longer, more people are retiring early, and women of today are having fewer children. Which means that there will be fewer people in the workforce to pay for the increasing number of retirees.

So now we know that it is not wise to depend just on Social Security when we retire. There are, however, other things you can do to better prepare yourself for retirement. I will focus on investing your money in private investments-particularly IRAs and Stocks. Only six people of the nineteen surveyed knew what an IRA was. IRA stands for Individual Retirement Account Basically, what you can do with this type of an account is deposit a maximum of $000 every year and you will earn interest on it. The earnings are also tax deferred, which means that you wont be taxed on the earnings until you withdraw it after youre 5 1/ years old. This is a long-term investment so you will be penalized if you take your money out before you are 5 1/. 5 people of the 1 surveyed own stock According to Bill Staton of the Staton Institute, Inc., The annual rate of return of the finest companies are about 1-15%. This is the rate that these companies have appreciated since World War II. The old belief is that only millionaires invested in stock. But now more and more people are investing in stocks because they see the great rate of return. To make things even easier, people can buy and sell stocks by going on the Internet. The commission rates are relatively cheaper than hiring a real broker. You can also get investing tips from these online brokers.

These are just some of the things you can do to start saving for your retirement. Just opening an IRA account or investing in stocks is a good start. Or you can do both. Now I will illustrate how saving for retirement is beneficial. The key here is the earlier you start, the better off you are. Suppose that you made an investment of $1000 per year in stocks and other investments at the age of 5. And suppose your friend did the same thing but he started at age 5. You stop investing after 10 years and your friend continues to invest until 0 years. Assume that there is an annual return rate of 8% at age 65, the account value of your investment will be $170,00 and only $1,46 for your friend.

Custom Essays on Social Security

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Youll make $47,684 more than your friend will even when he invested the same amount of money 0 more years than you did. This is called compounding, the more

time you give your investment to grow, the bigger it will get. With the earnings you make, you will be able to pay for your childs education. You can even start saving now to pay for a future child.

So, compared to Social Security, putting your money in stocks and other investments for retirement is the much better deal. Today I have talked about Social

Security and its problems, other ways of investing your money for retirement, and the benefits of investing your money early for retirement. Whenever your retirement will be,

starting to save now for your retirement will have big benefits in the long run. Dont start next year; dont start next month, start now.

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