I’ll be honest that I am quite skeptical that I will ever get back that money taken out of my paycheck for social security. I have heard that there will not be enough money for social security. I found this graph interesting from the Strengthen Social Security Campaign. It has different possibilities of the amount people could get in social security according to certain situations. You would look at the year you would turn 65 and see what your benefit would be. It seems that no matter what, the benefit will definitely be dropping from where it is now.
It seems that it is going to be tough for future generations to stay healthy in retirement, considering medical costs are so expensive. The future of social security is very uncertain. Personally, I would suggest putting more money into prevention of certain medical issues such as heart disease and weight reduction. If we education people on these issues now, it can save individuals money in the future. Research has found that 65 year-olds who retire this year could still need $100,000 to cover co-pays, premiums, and other non-reimbursed expenses. According to the report from the Employee Benefit Research Institute, the costs will most likely be higher for women than for men because women usually live longer.
If you are comfortable with having a 50% chance of having enough money saved for health expenses, the report states that a man retiring in 2010 at age 65 with average health care expenditures would need $65,000 in savings compared to a woman with the same circumstances who would need $93,000. If you want to be more cautious and have a 90% chance of having enough money to cover your out-of-pocket expenses, the reports suggests that men with average health care expenditures should have $124,000 set aside and women would need $152,000. This almost seems a little unrealistic to me that people would even have that much money to save. The future is definitely uncertain on this topic. I think the main lesson in this is that we should try to save as much as we can for the future, since we do not know what medical circumstances we will each be facing.
For many Americans, just scraping together enough money to pay for daily expenses in retirement is a burden enough. A report released in October found that four in 10 Americans plan to delay retirement because they can’t afford to stop working. This is so sad to me because people have worked most of their lives and when they should have the opportunity to retire and have all their hard work pay off, they do not have that option.
This video states that Social Security is only in danger because of people who want to steal our money, like Wall Street Bankers and it advocates strengthening social security and not cutting it.