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.
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.
Everyone is worried about the future of the social security system. They wonder how long it can last after the year 2030. There are many ways people are suggesting to deal with the problem. Some suggest to raise taxes on social security "In order to continue paying full benefits in 2032 and for about 40 therefore, the law would have to be changed to increase social security taxes by almost one-half, from the current 12.
Today, the future of Social Security is in the news again. The reason Social Security is of such concern is that the extremely large group of citizens born in the post-World War II period—the much-discussed baby-boom generation—is retiring. The generation that will take its place in the workforce is far smaller in proportion to the number of retirees, raising fears about the sustainability of Social Security. In the past, proposed solutions to the various problems facing Social Security aroused great debate. Each time, however, the arguments were stilled, repairs were made, and the system continued to fulfill its mandate. That uncertainty about the future has resulted in suggestions for change that range from minor adjustments to complete privatization of the ...
"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. .
A better way to measure the financial trouble facing Social Security is to compare the promised total future benefits to the program 's total future taxes on a present value basis. Unless policymakers cut Social Security and other programs, the fiscal and economic outlook for the nation looks grim. The large baby boomer generation is beginning to retire in droves and average life spans in the nation are continuing to rise. Those changing demographics are driving Social Security 's financial imbalances. When Social Security was created in 1935, the life expectancy for
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.
Social Security has played a major role in supporting the elderly as well as sick and disabled financially for many years. However, we do not know how long this will last their are many problems facing social security and the funding of it with the population continuing to grow more and more people are taking advantage of social security. The main problem is people who do not really need the help and free income of social security abusing it making the government actually spend more than they actually putting into the social security fund. In this paper I will not only discuss the problems surrounding social security but also solutions in which could not only help better social security but also make it available for generations to come.
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.
Meyerson, N. (2010) up some interesting point in research about the down fall of social security
For more than 75 years, social security has been designed to ensure retired workers that there will be money when it comes time to retire. Since 1935, social security has been the main foundation of economic security for Americans. Social security has developed a steady income for retired workers and helps the disabled worker make a decent living as well. The money made by the worker is divided into payments to help provide for them and their family. There are a few suggestions that should be taken into consideration in order to help fix social security problems. The raising old taxes that finance social security, and raising the retirement age, and only providing social security to ones who earn less than a certain amount of income are some
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
Retirement comes early for most people. Early meaning that we are not ready for what comes with it. Most people would love to retire today, but unfortunately it is nearly impossible. It takes a lifetime for a person to become financial stable and adequately equip with assets that have been gained throughout someone’s life. Everyone must start young, in fact the sooner the better. Any money, or savings that can be applied today will always come with an enhanced future. So is it worth it to work harder and save now in order to possibly access a pleasant retirement? With out effort now we will be dependent on other sources in our retirement years, sources that may not come through for everyone who needs it. There are three ways to help Americans be better prepared now. These methods include saving money now, and investing in sources with returns. Do not become one of the millions of Americans who fall into government assisted retirement plans by lack of preparation and planning.
If you have just started thinking about a retirement plan, and you are an older individual, there are ways to make up for the years gone by. While it is always better to start when you are young, making good investments now, may gain enough money for you to retire comfortably. Find a reputable broker and discuss what you will need to reach your goals. When the plan is finalized you will need to stick to it faithfully.