According to studies, Social Security give pay out more(prenominal) than in benefits than it collects in taxes by 2016, and the funds will be completely gone by 2037. It is also believed that Social Security may end quartet years sooner than that because of the latest recession, which led to greater unemployment and slight Social Security funds to collect. Treasury Secretary timothy Geithner (2009), the head of the trustees group stated that Social Security yearbook surplus will be completely gone by 2016 because of the increased demands from the 78 million baby boomers in b state to retire. A report by the Heritage Foundation (2009) states that junior workers are especially aware that Social Security will not be able to provide the benefits they have been promised when they retire. This is because of the WWII times paying very little into the program, but receiving the most amounts of benefits, more than they ever paid into it at all.
When the Baby Boomers start retiring, it is believed that the administration will be shocked and there will be nothing left.
The average America citizen, who makes $40,000.00 a year, and who works until their in full retirement age of 67 would receive an estimated amount of benefits in the amount of $1366 a month, average monthly mortgage payment today is between $1200-$1500 with yearly taxes on these mortgages being in the thousands. This example alone clearly shows that we should not solely opine on benefits that we might receive from Social Security. To secure our futures we have to plan for the unknown.
With companies trying to save money and cutting venture on their expenses individual retirement plans are becoming more popular. There are...If you want to get a full essay, order it on our website: Orderessay
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