Social Insecurity
Federal Social
Security Calculator
If you're like me, you're human.
If you're also like me, you're not yet retired. In fact, I'm not even halfway there yet. If you're not yet retired (and American), you most likely give some attention to Social Security, as it will someday supplement your life savings. Media hype and the 2004 election campaigns also tried to make as big a deal out of SS as they possibly could. One political party wants the system to be given an overhaul, where you could take partial control of your contributions (akin to 401(k) plans) and most likely outperform whatever the government might get out of your money. The government generally doesn't have a great track record as far as finances are concerned. Another party wants SS to remain as it is, where the government forces you to toss part of your earnings into the kitty for the government to "invest."
Naturally, it would be nice to know how much you can expect to get when you retire. Find out here. Not only does The Heritage Foundation's Social Security Calculator tell you approximately what you could expect to get based on national and historic averages, but it also gives you an idea of what you might expect to get if you are given the opportunity to take hold of the reigns on your SS contributions.
Oh, and keep in mind that SS payments are indended to supplement your life savings and not sustain you completely.
Update: Also read up on President Bush's plans at preservingsocialsecurity.com! There's also a petition there to sign if you're so inclined.
This entry was posted
on Thursday, January 27th, 2005 at 19:34 by Novac and is filed under All, Politics.
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