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Benefit Of Social Security Essay

743 Words3 Pages

Will There be Social Security Benefits Left When I Retire?
For years, there has been rumor that the Social Security benefits money will run out. While a true concern, it is primarily affecting the baby-boomer generation, born between 1943 and 1952. With at least 28 more years to go before reaching the full age of retirement, not much thought has gone into the process, of how or where the money obtained is used. Having a parent that waited until the age of 70 also changed my current outlook and theory of my overall work expectancy.
Originally, the Social Security Board (SSB) put in place by the Roosevelt administration, started as an independent old age insurance program in 1935 (SSA.GOV, par. 2, n.d.). Later, in 1939 the Social Security board became a division of the Federal Security Agency (FSA), relinquishing their status as …show more content…

The part that would make me nervous is the amount of revenue that is filtered off for other governmental functions when the program if ran as intended would cover the increase in the cost of inflation. The more an individual makes, the more payroll taxes are paid to keep the flow of the monies available for use. Predicting the future is a bit hard, and as to whether or not there will be SSA funds available when I am of age to retire is unknown. With the life expectancy of the women in my family averaging in the 90's I plan to wait until as close to 70 as possible to draw my SSA benefits. One reason is that I've seen the women in my family hold regular jobs until their mid-70's, and I believe that in staying active it will keep you young. I will need to re-evaluate my lifestyle and detail a game-plan that will result in paying off my house before I am 69, and much sooner than when the 30-year mortgage is due in 2045. This will ensure that I am not living with excessive or unnecessary debt. Will there be Social Security? There better

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