Past
In the past, how many companies did most people work for throughout their entire careers?
Usually just one
Presently, what are some of the occupations that might still offer a pension?
Public Service (police, firefighter, teacher, government job)
Union Job (plumbers, electricians, welders, etc.)
What is one piece of advice we have talked about so far when planning for your retirement?
Start saving at an early age
Don’t spend what you don’t have
Start saving a small amount regularly
Develop a financial plan for the future
In the past, what type of retirement plan was offered to most Americans?
Company Pension
Presently, if your job offers a pension, what are the two components that make up how much you will receive for your retirement?
Number of years you worked and how much money you made
At what age can someone start collecting Social Security?
Bonus: What is the average Social Security monthly payment?
62 (partial benefits)
Bonus: $1,978
In the past, how many years or at what age did most Americans work till?
40 years or age 60(ish)
Presently, who is "responsible" for your retirement?
Yourself
Who can collect Social Security?
Retirees (over 62)
Disabled Individuals
Survivors (children / spouse of someone who dies)
In the past, why did many companies stop offering a pension?
It became too expensive due to people living longer
Presently, what percentage of your income is taxed to pay for social security?
7.65%
What is one of the major issues with Social Security?
Bonus: At the current rate, when is it believed that we won’t have enough money to fully pay out benefits?
- Not meant to be the only source of income
- Many individuals are living longer, causing a greater strain on the "pay-as-you-go system"
Bonus: 2034
In the past, how long did people receive pensions for?
Presently, how might your social security tax be written on your pay stub? (other than SS or social security)
Bonus: What do the letters stand for?
FICA - Federal Insurance Contributions Act
What is one of the top concerns for people thinking about retirement?
- Health Problems (33%)
- Not enough money (30%)
- Boredom (13%)