Com 172 Individual W 5 Essay

987 WordsAug 9, 20124 Pages
Rough Draft of Your Final Paper Elements of University Composition and Communication II Social Security is not Enough The fact that average person is not saving for the future makes the race for a stable retirement even harder when the way to find suitable and satisfied mechanisms are not available and social security retirement will not be enough. The number of retirees this past 10 years has been increasing faster than the number of younger workers contributing payroll taxes to support Social Security. [The New York Times Room for Debate] posed the following; with millions of jobs disappearing in this recession and more people taking early retirement, Social Security is expected to pay out more in benefits in 2010 than it takes in payroll taxes, an event that wasn’t expected until 2016. This effect may be reversed as the recession eases, but this tipping point should be a reminder of were things are heading. With more Baby Boomers retiring, by the end of this decade outlays will exceed revenues every year regardless of the condition of the economy. By 2037, Social Security’s surplus, currently at $2.5 trillion will be exhausted. Another challenge is that people are living longer, living to collect more years of Social Security benefits than retirees did 30 years ago. Most people are certain Social Security will go bankrupt but are not ready to embrace changes that would shore up the system's finances, according to two surveys [by The Washington Post, the Henry J. Kaiser Family Foundation and Harvard University]. Also it is certain that this program of the government will continue being part of the annual income of the majority of the retired persons. The reality is that the Insurance will give an amount of money smaller than many they imagine. A mayor factor contributing to the crisis is cost of living; [Social Security benefits will not include a

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