Since the era of Bush, there has been speculation over the stability of social security for Americans. Presidential hopeful, Governor Rick Perry, has sparred talk over comments he made labeling social security as a “pansy scheme,” and suggesting, “Each state should individually take over control of their states social security.”
In the next decade, will the United States have enough social security revenue for a single adult without a net income?
I decided to go to the Social Security administrations website to try the retirement estimator to see what my income would look like when I retire. Making forty thousand dollars a year, I would be able to retire at the age of seventy and get full benefits of 1,861 dollars. According to the Social Security administration demographics, “workers can retire as early as sixty two.” However, that was according to statistics done in 2004. The new age of future retirees is seventy and this will only increase for those born after 1959.
Quite a few populations fall under the Social Security blanket. Social Security is for retirees, their beneficiaries, the disabled, and the disabled under the age of retirement.
The job market is in trouble and there is a good percentage of baby boomers that are out of a job before the age of retirement. With the current debt crisis hovering over the nation, imagine the age of our children or grandchildren when it is their time to file a claim to social security.
There are ways to secure our grandchildren’s future so that they will not have any problems when external pressures force them to choose a life of stability or instability.
Here are a few tips:
The United States Treasury department has great rates on savings bonds that will not put a dent in your pocket and will guarantee the interest will double each year you own the bond. Depending on when you invest, the payoff could equal up to ten thousand dollars or more by the age of retirement.
Most organizations invest in their own stock and invite employees to do the same. The option to participate in a 401K or invest in your organizations stock will help to build that nest needed to prepare for retirement.