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March
8, 2005
Social Security role puts students in crisis
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Michelle Goats
Copy Editor |
With the fear spreading through the media regarding the
Social Security crisis, it makes me wonder why people are panicking. I
mean are there that many American citizens under the impression that Social
Security is actually a retirement plan?
Originally, Social Security was designed to provide assistance to those
in need. Citizens who were disabled and/or were unable to work, the widowed,
or the elderly, could register for Social Security benefits to help cushion
them through their time(s) of need.
However, Social Security was never intended to be a retirement plan, but
rather a means to supplement income for those at retirement age. Ideally,
Social Security recipients should also be prepared for their Golden Years
with company pension plans, 401K’s, IRA’s, life insurances,
and most importantly, saving accounts.
Unfortunately, many Americans have fallen prey to the misconception that
Social Security is a retirement plan, landing on the boardwalk of retirement
with very little to fall back on. Or, some Americans find themselves disabled
suddenly, and are no longer able to contribute to any other plan that
would supplement their Social Security Disability benefits.
Students, wake up! Don’t rely on a government-funded retirement
plan. Don’t assume that Uncle Sam is looking out for your interests,
dreams and goals. Instead, have your own plan. That way you decide how
you will spend your Golden Years. Use the pre-retirement years to save
and prepare. Relying on Social Security simply doesn’t pay.
Take action while you can, and remember that twenty years from now, you
may not only be providing income to just yourself, but you may also be
responsible for a family and your retirement will need to cater to them
also.
Take the time to educate yourself on the journey to retirement, and help
yourself to be prepared for the unexpected tragedy. There are tons of
avenues to cruise in the search of retirement options. Visit your local
bank or investment firm and find out how you can build your retirement.
For those of you who do not have a family to support, a house and/or car
payment to make, put back a little for a rainy day.
For those who do have bills, bills and more bills, try your best to put
back a little. Even if the amount you save won’t ever amount to
much of a retirement, you never know when you may need a little help in
the future. A small savings could at least put food on the table in your
times of need.
Every cent counts and you never know when life will throw you a fast one,
and it helps to be prepared. If you have no plan B, C, or D, than you’re
leaving yourself open for a long wait in the long lines of public assistance.
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