Speech: Saving for Retirement
General Purpose: To persuade
Specific Purpose: To persuade the audience to start saving for their retirement
Central Idea: Starting early to save for retirement has many benefits over Social Security
Introduction:
I. (Attention Getter) Only 2 people out of the 19 responses I got from the survey have started saving for their retirement.
A. This is understandable because most of us
probably think that retirement is something
that is eons away.
B. Because we are college students, our school
schedule only allows us to work part time.
C. Between the 2 people that has started saving
for their retirement, one person currently
works full time. And this person also is
participating in their employer's profit sharing
program or 401K plan. And this person
also owns stocks. This person already has a
good start.
II. (Credibility Statement) I myself have started saving for my retirement by starting an IRA.
III. (Reveal Topic) You simply cannot rely on Social Security to support you in your "Golden Years". You can never start too early to save for your retirement. In fact, the earlier, the better.
IV. (Preview) Today I will discuss Social Security and why the current system is not working, ways that you can start saving for your retirement, and the benefits of saving for your retirement instead of relying on Social Security.
(Transition: So let me start by discussing Social Security and why it is does not work)
Body:
I. Need Step
A. First I will explain what Social Security is.
1. Social Security is a Federal program ...
... middle of paper ...
...the bigger it will get.
C. With the earnings you make, you will
be able to pay for your child's education.
You can even start saving now to pay
for a future child.
(Transition: So, compared to Social Security, putting your money in stocks and other investments for retirement is the much better deal.)
Conclusion:
I. Action Step
A. Today I have talked about Social
Security and its problems, other ways
of investing your money for
retirement, and the benefits of
investing your money early for
retirement.
B. Whenever your retirement will be,
starting to save now for your
retirement will have big
benefits in the long run.
C. Don't start next year,
don't start next month,
start now.
We are all putting money into a pot, and some of us aren’t using the money or the resources that we end up helping out. There are a lot of programs that are out there to help support lower waged workers or people that can’t find jobs. Some of these programs are food stamps, medicare, and lower income housing. Everyone helps pay for these things, but there are only a certain amount of people that can use them. If you make a certain amount of money and it is too high, then you don’t qualify for them, even though maybe it isn’t high enough to live comfortably. Retirement may not come as easy for the younger generation because of the fact that people are using the social security, and we may not have the amount that we need when we retire. How our society is set up, you almost get more taken away the harder you work, and for the ones that don’t make as much, get all of the
This paper explores the characteristics of traditional and Roth IRAs, as well as the similarities and differences between both. The main characteristic of both IRAs is that both are considered tax shelters—a way for individuals to receive reduced tax liability by decreasing one’s taxable income. Traditional IRA’s are called “deductible” because contributions made with earned income, up to specified limits, are fully or partially deductible from income depending upon factors such as adjusted gross income and filing status. Upon withdrawal, the money is then taxed as ordinary income. Roth IRAs are the antithesis—the money that you contribute here is already taxed at your marginal tax rate and the withdrawals are generally not taxed. Only money that is considered investment income is taxed. Because of the income limits of Roth IRAs, some individuals choose first to contribute to traditional IRAs or employer-sponsored programs and subsequently convert to a Roth IRA. For younger individuals with lower incomes, Roth IRAs seem to be the better choice based on the below research. The money is taxed at a lower rate and then contributed. As one ages, tax rates are probable to rise and the cost of contributing increases as a result. Saving in full measure, below the legal limit and beginning this process at a young age seems the best option for a enjoyable retirement in years to come.
The first step to getting to most out of your 401k is to actually put money into it. This
Throughout the 20th century governmental responsibility has made remarkable progress. One major milestone of the widening of the responsibility of the federal government was it’s making an obligation to care for the elderly and retired in the form of social security. In 1935, the Social Security Act was enacted by the federal government to provide financial security to the elderly, retired citizens in America. Although the federal government first took on this responsibility in 1935, it is still affecting our lives today. However, social security would not have advanced this far without many organizations and individual reformers to begin and improve social security throughout history.
Social Security is a system that was set up in 1935 after the Great depression to help people get through tough times. "Social Security is now used by nearly 44 million Americans"(policy.com). Only people who payed into social security are eligible to collect when they retire. Many people think that they receive the money they pay in but that is not total true. The money that you pay in is used for the people that are receiving it now. "In 1950 there were 16 workers for every beneficiary; today there are only three workers per beneficiary"(policy.com). There is more money going into social security then coming out now. The extra money goes into a trust to be used when it is needed. By the year 2032 those numbers are going to drop. By this time most baby boomers will be retired and collecting social security. This will put a big strain on the funds. There will be more money going out then coming in. And it will not take long to use all the money that is in the trust. By the year 2034 they will only be able to pay 75 percent of the beneficiaries. "The projected average monthly Social Security benefit in 2032 of about 1,100 (in 1998 dollars) would fall to about $800, and would drop further in later years. Average benefits for low-wage earners would drop from $670 to $480"(www.ssab). Theses cut would effect the people just starting to receive benefits and those who are already receiving benefits. And with each year these benefits will decrease. As these benefits continue to decrease "the percentage of aged people living in poverty would rise"(www.ssab).Most people believe this is happening because of the baby boomers generation. There will be more people taking from social security then giving in. By the time my generation is eliable to receive social security there may not be any money to give.
This summation of the state of Social Security was written more than a twenty years ago. Looking back, it seems as though the Social Security system frequently reaches a state of crisis in which predictions of its end arise. Since it was enacted in 1935, Social Security has been amended often, most recently in 1983, when Congress imposed a tax on the benefits of high-income retirees, raised the retirement age, and revised the tax-rate schedule.
"Social Security Should Be Run by the Government" by Institute for America's Future.Capitalism. Noël Merino, Ed. Current Controversies Series. Greenhaven Press, 2010. Institute for America's Future, The Perils of Privatization: Social Security Privatization Cuts Lifetime Benefits; Makes Senior Citizens Vulnerable to Poverty: The Impact in the United States. Washington, D.C.: Institute for America's Future, 2008. Reproduced by permission. .
Welfare has been a safety net for many Americans, when the alternative for them is going without food and shelter. Over the years, the government has provided income for the unemployed, food assistance for the hungry, and health care for the poor. The federal government in the nineteenth century started to provide minimal benefits for the poor. During the twentieth century the United States federal government established a more substantial welfare system to help Americans when they most needed it. In 1996, welfare reform occurred under President Bill Clinton and it significantly changed the structure of welfare. Social Security has gone through significant change from FDR’s signing of the program into law to President George W. Bush’s proposal of privatized accounts.
Social security, since instituted in 1935, has kept many elderly people from running below the poverty line (Hosansky). In 2015, the Social Security Administration predicted that the funds would be depleted by 2034 (Max). This poses a serious threat to the living situation of future generations when they retire. Our elderly, by today’s standards, enjoy a comfortable lifestyle. They are able to retire and still make over one thousand dollars a month. Some people also have private pensions which allow them to live even more comfortably. But with social security funds running out, we must ask the inevitable question. Is it worth having social security anymore? Social security should be kept. One must never fully rely on social security. In addition
Social security, the federal retirement system, is one of the most popular government programs in United State?s history. Today, Social Security benefits are the backbone of the nation's retirement income system. The long road to the successful development of social security began in 1935. Before 1935, very few workers received job pensions. Those workers that were covered never received benefits because they were not guaranteed.
Many Americans depend on Social Security benefits--from retirees, disabled workers, and dependents. Furthermore, numerous retirees have not saved enough money for retirement through other sources, so they count on Social Security as their basic source of income during their later years. Recently, the number of persons receiving Social Security has increased dramatically. This is largely due to the increasing number of persons in the baby boomer generation retiring and also people living many more years past retirement age. This increase in beneficiaries has initiated concerns and questions about the future of Social Security for persons still working. Recent studies have shown that in its current trend, the surplus of funds for Social Security will be depleted in the near future as the increase of payments will begin to exhaust the fund’s resources. To that end, reform of some kind is needed to help sustain this benefit for future generations to come (Social Security Administration, 2014).
Richard A. Gephardt, Being Careful with Social Security [article online], Newsweek Inc. Accessed 15 January 1997; Page A19. Social Security Administration. Available from http://www.ssa.gov
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