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An Analysis of the Disadvantages of the Current Social Security System and an Argument Supporting the Creation of a Mandatory Private Pension Plan
Word Count: 681
The Current Social Security system should be replaced by a mandatory Private Pension plan There are different types of investment plans one could choose before or even after they retire Social Security is what everyone depends on once they retire at 65 Some people may even need to work beyond the age of 65 due to the lack of money they receive from Social Security With a Pension plan you are insured to receive the money you worked hard for and maybe even a little more Most pension plans are insured but some of the smaller pension plans are not coveredPBGC 1One disadvantage about Social Security is that there is a limit on how much you can make each year the maximum social security retirement benefits for a worker retiring at 65 is 1536SSA 1 If you collect over this amount of money you better be ready to pay the government back big time Social Security and your Pension Plan come out of your check each week but you get to decide where you want that Pension Plan to take you Your Social Security goes right to the state for when you retire at 65 Both the Pension Plan and Social Security have age requirements but both age requirements are the same Which means if you retire before 65 half of your money will go to the government if you have it all in Social Security Most Pension Plans will make you some money in the future for when you are ready to retireYou could invest your money into all different types of accounts for when you retire There is the 401K plan timeshares mutual funds Roth IRA and Stocks A good example of saving now would be I have my own Pension Plan I have what is called a Roth IRA Which is each year I put away 2000 dollars in a special account for me when I retire When I do retire I
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