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Americans Form Of Retirement Essay

1834 Words8 Pages

Repairing America's Form of Retirement Every American plans for today, but most of them do not seem to care about tomorrow. Work from nine to five, go home, eat, sleep, and do it all again every day for the rest of their lives. They're stuck in this never ending loop, hoping to one day have a future that they never planned for. Not everyone has a 401K or retirement fund waiting for them. Actually, the majority of Americans rely on one thing when they retire, Social Security. The Social Security program was made for the American people to invest into the government. At the age of 66, any American born citizen could claim Social Security and get the investment paid back. It was the American government's form of retirement, and it used to be …show more content…

Within the next 18 years, over half of the American retirees will no longer be able to collect their full Social Security checks, which is why now, while people can still have time to plan, is the best time for the government to revive the program by either reform, increasing …show more content…

The government planned for taxes to increase as the years went by in accordance with the rise in the cost of living. There was a steady rate of Americans retiring, but the boomer generation was getting ready to hit the prime age of 66 in 2008. With the boomer generation beginning to retire, and the advancements in medical fields, Social Security was destined to make less than what it could afford. CNBC projects the “ratio of workers paying retirees’ benefits would plunge from 16 to 1 to 2 to 1 when the last boomers retire” (Reuteman). Less people will be paying into the program, while more people will be earning their monthly paycheck. For a while Social Security had a huge surplus in its trust fund, but now that the largest generation in American history is receiving checks instead of paying taxes. The problem is only going to get worst in the upcoming years. Where does America go from here? There are many ways to fix Social Security, but they all come down to increasing the revenue, or lowering the

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