retirement

retirement planning

 

 

Retirement Planning
Retirement Gifts
Retirement Calculators
Retirement Jokes
Retirement Speech

 

Retirement
Retirement Calculator
Retirement Planning
Retirement Quotes
Best Retirement States
Retirement Thailand
Supplemental Retirement Income
Florida Retirement Communities
Military Retirement Calculator
Texas Teacher Retirement System
Retirement Community
Invitation Retirement
Retirement Savings Calculator
Retirement Speeches
Funny Retirement Speech
Retirement Letter Format
Financial Retirement Planning
Homeownership
Funny Retirement Poem

retirement

Google

An Overview On The Financial Capacity Of Social Security
By Jinky C. Mesias, Fri Dec 9th

There have been so many reports confirming the distressing stateof the finances of Social Security and so many members by noware wondering if they can really get the benefits that are dueto them when their time to claim for such benefits arises.

In spite of the financial crisis that the Social Security isfacing today, the Social Security Administration is confidentthat it can pay all benefits that are due to their members. Theyassured further that there would be no cuts on the benefits tobe received by the current retirees but rather there would be ayearly increase on the benefits due to cope with inflation.

There are also so many reforms planned to be implemented inSocial Security including those set forth by the PresidentísCommission that would further strengthen Social Security. Thereforms are also set to ensure that scheduled benefits,including cost of living increases for would-be retirees.Moreover, the reforms will not reduce the benefits of currentlydisabled Social Security members as well as disabledbeneficiaries.

However, in spite of all the reforms to be made in the SocialSecurity Administration there is still the present problem interms of finances since there is a foreseen 26% reduction in thebenefits to be given for future Social Security retirees andunless the social security administration does something todiminish such problem then there would be an

 

expected continuousreduction every year in the scheduled benefits.

The Social Security although offering retirement benefits shouldnever be considered as a sole source of income in retirement. Itis much better to have other retirement plans to further ensurethat you leave comfortably when you retire. Besides havingSocial Security as a sole income retirement option is likesitting on a one legged chair and that does not imply stability.Itís always wise to have other options in case the SocialSecurity retirement benefit cannot fully suffice the entireneeds of the retired member.

But just how the Social Security gets its funds? The fund of theSocial Security is procured by means of the payment of the taxpayers who are paying for their own benefits. The fundcontributed by these tax payers is the one utilized for thepayment of present benefits like payment for the retirementincome of retiring members. However the excess in the fund isinvested in a special-issue treasury bonds. And this is how theSocial security earns additional funding for the next recipientsof social security benefits.

Google

All content published on this web site is provided for informational and educational purposes only. Always seek professional advice before making any decisions.

We use third-party advertising companies to serve ads when you visit our website. These companies may use information (not including your name, address, email address, or telephone number) about your visits to this and other websites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here.

This page was updated on Nov 2009 and is Copyright © 2003 by Global Com Consulting Inc.