Social Security And Retirement Savings Essay

2090 Words9 Pages
Should American’s plan for retirement? Should we count on Social Security to be an available option? Is Social Security more than enough to support a retired person or couple? These questions surround the retirement planning process, among many others. Some American’s may believe Social Security will carry them through retirement, some may believe it is an exhaustible resource that may not be there for them at all during their exodus from the workforce. I believe Suze Orman said it best, “Make Social Security the side dish to your’ retirement, not the main course.” She suggests that we reap the benefits of Social Security, but not rely on it completely. Planning for retirement is difficult; but without proper preparation there can be no preservation. Some say, “An ounce of prevention is worth a pound of cure.” “The percentage of American workers with virtually no retirement savings grew for the third straight year, according to a survey released last year. The percentage of workers who said they have less than $10,000 in savings grew to 43% in 2010, from 39% in 2009, according to the Employee Benefit Research Institute's annual Retirement Confidence Survey” says CNNMoney.com. This means that 43% of American Citizens will be at poverty levels in old age. They will depend upon Government assistance for daily living requirements, Social Security will provide some relief for these people, but without a “nest egg” it is almost impossible to sustain a comfortable lifestyle. Imagine the lifestyle that the general public lives now. I am sure most of us have rent or a mortgage to pay as well as utility bills. These expenses hardly total less than 1,000.00 monthly for anyone. Poverty level is having less than 1600.00 monthly income for a family of three. This is just the tip of the ice burg when it comes to monthly expenditures. Let us not forget groceries, gasoline, and
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