Distribution Of Social Security
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Social Security Earnings Report
After calculating my Social Security annual retirement benefits I realized that I am most likely going to not be able to retire because my annual payments are not nearly enough to live off of.
My monthly payments if I retired at age 62 would be $1,570.00. This may sound like plenty of money to live on, but not from my perspective. Seeing as how I would most likely live in the bay area once I graduate from college and live my life out there, $1,570.00 is not enough to live on there. Right now the cost of living in the bay area is extremely high. Rent for most apartments is almost $1,570.00.
This can be a huge problem by the time I retire. If the cost of living is this high right now imagine what it will be like in 40 years. In 40 years you could not afford to live anywhere on $1,570.00. This poses huge problems for people in my generation. What are we supposed to depend on when we retire?
I feel that the social security money that you work to put away every paycheck should be given to you in full when you retire. This way you would have plenty to live off of for all your hard work over the years. People should not have to work their whole lives just to support the cost of life. The government I feel needs to reevaluate how it is handling its current social security situation. People need to know that when they retire they can look forward to more than a measly $1,570.00