We Need a Retirement Plan

With the way the economy is today, we need all the coin we can go especially when we retire. The topic of my paper is We do non need a retreat plan because social security leave cover our necessitate when we retire. This is a topic that I strongly disagree with complaisant security establishment alone go forth non be exuberant to cover our postulate when we retire. benignant Security or SSI is a platform financed through familiar revenues it is designed to help adults who are blind, the elderly and disabled people who live with little or no income.SSI provides cash to meet basic necessarily for food, clothing, and shelter. Whether you can outfox SSI depends on your income and things you own. SSI wins are give inable to adults who have special income and resources, meet the living destinys, and are otherwise eligible. If you dont kick the bucket into any of these categories and you have already retired without a loneliness plan, you wont have a source of incom e to nominate yourself. The Federal benefit run for a SSI allowance is $674 dollars, as we all know $674. 0 is not nearly seemly to live, and that may exclusively be enough to pay your rent. You will still have other living expenses such as food, bills, and in the flesh(predicate) items, not to mention wellness care. Although there is Medicaid, and Medicare but not everyone is eligible to collar those benefits. These are a few reasons why Social Security will not be enough to cover our unavoidably when we retire without a retirement plan. With Social Security there is no guarantee that you will qualify to gain payment.SSI is based on your income, money that you collar such as wedges, other SSI benefits, and pensions. The amount of income you can receive each month and still get SSI depends partly on where you live. whatever of the resources used in the qualification process are real estate, deposit accounts, stocks and bonds, and cash. You may be able to receive SSI bene fits if your resources are worth no more than $2,000. A couple may be eligible to receive SSI benefits if their resources are worth no more than $3,000. Another big spot with retirement is Health Care.Sure Medical insurance is included when you receive Social Security called Medicare and Medicaid, but again you have to qualify for that as well. You may think that Medicaid and Medicare are the same actually they are ii different programs. Medicaid is a state run program that provides hospital and health check coverold age for people with low income and little or no resources. all(prenominal) state has its own rules about who is eligible and what is covered under Medicaid. The program helps with the cost of health care, but it does not over all medical checkup expenses or the cost of most long-term care. Medicare is financed by a depute of the payroll taxes paid by workers and their employers. It also is financed in part by monthly premiums deducted from Social Security checks. Some people qualify for two Medicare and Medicaid. Medicare is our countrys health insurance program for people age 65 or older. Certain people younger than age 65 can qualify for Medicare, too, including those who have disabilities and those who have permanent kidney failure or amyotrophic lateral sclerosis (Lou Gehrigs disease).In order to qualify for Medicare to begin with the age of 65 if you have been entitled to Social Security hinderance benefits for 24 months or you receive a disability pension from the sandbag retirement board and meet certain conditions or you worked long enough in a government job where Medicare taxes were paid and you meet the requirements of the Social Security disability program or you are the child or the widow(er) age 50, or older, including a divorced widow(er), of someone who has worked long enough in a government job where Medicare taxes were paid and you meet the requirement of the Social Security disability program.During my research I was able to hearing 3 people Thomas Burrell a retired veteran who has SSI and retirement, Kathy Burrell retired from the school system that only has retirement, and Thelma Kelly an elderly woman who is retired but only receives SSI. Mr. Burrell is retired from the military in 1991, retired from the United States Postal Service in 2001 he started to receive SSI benefits in 2001. When I interviewed Mr. Burrell, he had a lot to say about SSI and retirement. eve though he is receiving both(prenominal), he knows that if he only had one benefit he would not be able to maintain his lifestyle.By Mr. Burrell receiving SSI and retirement he is able to provide for his family. As far as health care goes, Mr. Burrell has Medicare. By him receiving retirement he does not qualify for Medicaid which will cover all of your medical needs. You are not making a lot of money with either the SSI benefit or retirement, but with both combined you will be able to survive. T. Burrell (personal communication, April 6, 2011) Kathy Burrell, who has just retired in January of this year, only has a retirement plan and no SSI benefits.Mrs. Burrell retired through the Florida Retirement organization (FRS) and the 401K plan, and being employed in Florida you have to wait 4 months subsequently you retire to access your money. You will need to have some kind of income to last until you receive your full retirement. Mrs. Burrell knows that she is not able to survive on retirement alone. If she didnt have a husband, after she retired she would have to get another form of income to go for ends meet. As far as health care goes, If Mrs.Burrell did not have military insurance from her husband she would not have or be able to afford it. K. Burrell (personal communication, April 6, 2011) Thelma Kelly a nonmigratory of Columbia, South Carolina has been retired for the past 15 years. Mrs. Kelly who is a widow has been receiving SSI benefits from her late husband, and because she is eligible. Mrs. Kelly receives $700. 00 a month, says that it is a blessing that she does not have a house payment because she would not be able to afford it.Mrs. Kelly struggles every month to make her $700. 00 a month check last for food, gas, utility bills, and other personal items. T. Kelly (personal communication, April 6, 2011) In conclusion it would be beneficial to have a retirement plan along with Social Security benefits to be able to support yourself. As mentioned earlier there are a lot of stipulations and requirements in order to qualify for Social Security. Social Security alone will not be enough to cover our needs when we retire.