2006-07-10 11:37:36 · 7 answers · asked by SHERLYN 1 in Business & Finance ➔ Careers & Employment
NO!!!! Listen to this "Today there are almost 36 million Americans age 65 or older. Their Social Security retirement benefits are funded by today's workers and their employers who jointly pay Social Security taxes - just as the money they paid into Social Security was used to pay benefits to those who retired before them. Unless action is taken soon to strengthen Social Security, in just 11 years we will begin paying more for benefits than we collect in taxes. Without changes, by 2040 the Social Security Trust Fund will be exhausted* (Social Security Trustees' Annual Report to the Congress). By then, the number of Americans 65 or older is expected to have doubled........the name of the heading is "About Social Security's future..." this was on my uncle's statement he got in the mail for more info see...www.socialsecurity.gov....and the ACTUAL retirement age is 65 years old
2006-07-10 11:55:00 · answer #1 · answered by jenni jones 2 · 1⤊ 0⤋
sstooc is correct. You can't depend on the government to cover this need because the SSN program was never designed to be your retirement fund, only assistance.
You can't depend on your company to see to these needs either because they screw up or go bad and deplete the reserves set aside for this purpose.
The only real answer that works is that you become responsible for your own retirement. You can retire in U.S. but you have to plan from the beginning of your working life to make it happen. It is not anybody else's responsibility ultimately, but your own.
2006-07-10 18:49:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can collect Social Security, only if you are 55 or older right now. Otherwise you can set up an IRA (independent retirement account), an investment account, have a 401k or 403b through work, have a pension through work, or set up an annuity to get funds for when you are older.
2006-07-10 18:49:25 · answer #3 · answered by female_tech_geek 3 · 0⤊ 0⤋
Im guessing you are talking about the US? and the answer is nope. We're all gonna have to work till we die because all our social security money will go to pay off the national debt. So basically, we're all screwed.
2006-07-10 18:41:32 · answer #4 · answered by CG234 4 · 0⤊ 0⤋
depends on how good you can manage your own finance. Understand the need and want. the value of cash versus material things. More importantly , emotionally stable enough to make decision not to spend money during your high and low time....
2006-07-10 18:44:09 · answer #5 · answered by sstooc2001 6 · 0⤊ 0⤋
we all live in different countries here, youre going to have to be more specific :)
2006-07-10 18:42:32 · answer #6 · answered by lebeauciel 3 · 0⤊ 0⤋
yes~
2006-07-10 18:40:40 · answer #7 · answered by a 4 · 0⤊ 0⤋