Realistic Tips on Today's Social Security Benefits

Social Security is a program instituted under President Roosevelt in the 1930s (many immigrants believe it to have always existed but that is not the case).  It is in dire need of reform as it's Trust Fund is predicted to go bust.  While my grandparents benefited from it and were able to enjoy a better lifestyle while in retirement than working, today's retirees are not enjoying the same benefits from 30 years ago. 

This Smart Money article Things Social Security Won't Tell You is very interesting and is why I've added this information to Alfa Sugar for your information gathering purposes.   As always, please conduct your own research because laws and legislation change frequently. 

For those currently in retirement, it may prove wise to return to work and increase your income.  I understand that employers are not hiring older workers (even with all the laws in place to protect this class of worker).  By increasing your income, you could increase your social security benefit. 

Same goes for those who are close to retiring but not there....it is wise to continue to work another year or two before retiring.  Financially speaking, you would benefit in the longer run from Social Security should it not go bust.

For those younger and working in the workforce, it is wise to save for your retirement.  Relying on the government to take care of you is foolish financial thinking.  For those Americans who are collecting on Social Security Disability (yes, that number is higher this year than in years past), it is imperative to note that you are only hurting yourself in the long run if you truly are capable of working. 

You can be unemployed and retired.  There is a class of people age 60 and older who are collecting unemployment checks because of the sour economic times.  If it's any consolation, the government is not gaining more revenue because of poor econimic times.

Bottom line is an increasing financial divide between hardworking producers and folks not working but getting handouts from the government.  This mathematically will not sustain itself in the long run. 

While past generations were able to reap a double digit percentage return on money paid to Social Security, today's worker is looking at double digit percentage loss on funds paid to Social Security.  It is government so we by law must pay this tax.  However, many Americans will not appreciate this problem, and for some, it comes at a time of too little, too late.  Reforming Social Security is a major item for anyone in government to undertake.  While President George W. Bush attempted to reform it as well as other politicians, it is that 90,000 pound gorilla problem that will take lots of sweat and agony to address.  Until then, it is wise to be realistic when it comes to your retirement and your present day financial situation.