Social Security Is Just Not Enough

Social Security is Just Not Enough

By: Sarenia Agoney

Com/156

September 11, 2010

Danielle Pela

Axia College of University of Phoenix

Have you ever caught yourself fantasizing about what your retirement would be like? Many people see retirement as their golden years. By golden years I mean the years you finally can relax and not worry about how you are going to afford the daily necessities, like food, housing, and health care. You also finally realize this is all about you, I bet you can see yourself relaxing. Don’t worry Social Security will be there to help, right? Wrong, even though some people can live off Social Security benefits alone without help from government agencies, most average workers need some other form of retirement investment.

Although many people work daily to support their families, many people plan ahead. Planning ahead requires families to make choices about what they will do when they retire. Social Security Administration states: “President Franklin D. Roosevelt proposed and Congress enacted the Social Security Act of 1935.” “The act created a Social Security Board”, eleven years later it received the current name “Social Security Administration (SAA).” For several years the SAA functioned as a whole with the “Department of Health, Education, and Welfare”, when it changed to an “independent executive agency” in “1995”. “The primary forms of social insurance that the SAA administers are Old Age and Survivors Disability Insurance (OASDI) and Supplemental Security Income (SSI).” “SSI benefits” have been reserved “for the aged, blind, and disabled.” (“Social Security Administration”, p.1).

“The SAA administers a national trust fund to which employees, employers, and the self- employed make contributions. When workers retire, they can qualify for monthly cash benefits” (“Social Security Administration”, p.2). Social Security benefits are directly taken out of your paychecks. Statements from the Social Security Administration come...