What is the social security?
Its purpose and the weaknesses.
Thesis statement: “I feel us as Americans need to invest in another plan as social security has a greater down side that good to it.”
Social security should only be considered as a supplement to other savings. Social security has inculcated the false sense of financially security and the notion that the government cares about us and that it will take care of us in our most needy times while it will wait until you have nothing until it steps in to lend a helping hand.
Early retirement results to smaller monthly social security payments to as much as 30 percent if one retires at the earliest eligible age of 62, depending on your year of birth; this is according to social security online (Tomkiel 123).
Employees who retire on government pensions or other retirement packages are subject to the Windfall Elimination Provision; a law that reduces social security payments by up to half the amount of your pension payout. This may result to older Americans going back to work because they simply cannot live on their lowered social security benefits and due to lack of necessary skills required they may find it difficult to re enter the job market.
In addition, people have lost their zeal to think about the times ahead and more so planning for their retirement. This situation is fostered by the illusion of a retirement program waiting for them to arrive. Most spend blindly, buying what they can afford to make payments on without consideration to anything going wrong such as getting laid off.
It is with the above argument that I strongly oppose that social security will cover our needs when we are retired.
Tomkiel, Stanley. The Social Security Answer Book. New York: Sphinx Publishing, 2008.