Many people pay Social Security and Medicare taxes during their working years with the expectations of receiving monthly payments and medical insurance when they retire. However, these two Federal programs may not be sufficient to cover all expenses during retirement.
* What percentage of monthly expenses do you expect Social Security to cover: 20%, 40%, 60%, or more?
* Discuss ways to cover the difference between what Social Security will pay and what you need to pay monthly expenses when you retire.
* What actions should you take today to ensure having adequate income during your retirement years?
* Provide rationale and examples to support your thoughts.

Answer rating: 100% (QA)

According to the Social Security Administration the program is just designed to switch about 40 of preretirement income for average earners though it offers no insights on what constitutes average ear... View the full answer