I have a question about Social Security?

Question

Someone explained me that in the future, when I became 65 Social Security will send me a check for my retirement. The check will be around 800 dollars a month. If the rent and the general cost of living is way more than that how will I be able to survive?

Answer 1

First of all you need to tell us how old you are now.  I am just 65 this month and my check will be about 1300.00 so it is not fixed at 800.00 it is based on what you have earned over your lifetime and average income over the past few years before retirement.  Annually social security increases payments for cost of living adjustments too.  If you are young enough, it matters not what will happen at 65 based on todays government projections, do some sensible investing, get in a 401K and prepare yourself for retirement.  NO ONE, can retire comfortably on social secuity alone.

Answer 2

Yeah well dont count on that.

People neglect to save for their own retirement because 'the government will take care of me'

Well in all reality the Social Security system is going bankrupt because they are paying out to people who

  1) Never paid in like people who have been 'disabled' their

    whole lives

   2) We give way too much money to those who paid in but

   not enough to receive what they are receiving. Inflation.

They are paying people the SS money that people are paying now.

Its so crazy that we make a kid working at McDonalds through high school pay SS Tax and they will never see a drop of their money.

Democrats are all for SS. Yet when they talk about enviromental issues they always say that we need to make a great future for our children. Why doesn't that go for finances?

They need to allow people to take those taxes and invest them for retirement themselves so that they will be sure to get the money that they paid in.

Answer 3

The 800 dollar  figure will rise as you pay more into social security and make more money you will put more money into the system..  No at 800 dollars a month you should be able to survive but you may have to move to a third world country..