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I read an article about Social Security benefit 2 weeks ago on Yahoo
website. It is quite interesting and … scary.
The article says there will be no cost of living increase for more
than 50 millions Social Security recipients next year. However, that is
not the point I want to make today. The point I
want to make is the article reveals the average monthly Social Security
payment for all Social Security recipients is $1,094. We all work
hard for about 40+ years in our life and when we retire, all we get is
$1,094 monthly Social Security payment. Is that what we call SECURITY? It
looks more like INSECURITY to me.
With today living standard, the $1,094 payment won’t be enough to
pay rent, let alone food, transportation and entertainment. Our income
definitely goes down the day we stop working and rely on Social Security benefit.
Of course, we may still have supplement income from our 401K plan. But
what if the stock market is not doing so well in the years after we
retire? Or even worst, what if we out live our saving? By now, we should
know the stock market does not always go up. It moves in all three
directions up, down and sideway. We should prepare for our financial
future now if we don’t want to live on $1,094 a month plus whatever our
unpredictable 401K plan gives us. It is just a thought, a thought worth
considered for those who want to have a secure financial future.
Dennis
Phan 潘家墉
Los Angeles,
California, U.S.A., 02 November 2009
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