Distribution of Social Security
By: Tasha • Essay • 268 Words • April 21, 2010 • 1,041 Views
Distribution of Social Security
Social Security Earnings Report
After calculating my Social Security annual retirement benefits I realized that I am most likely going to not be able to retire because my annual payments are not nearly enough to live off of.
My monthly payments if I retired at age 62 would be $1,570.00. This may sound like plenty of money to live on, but not from my perspective. Seeing as how I would most likely live in the bay area once I graduate from college and live my life out there, $1,570.00 is not enough to live on there. Right now the cost of living in the bay area is extremely high. Rent for most apartments is almost $1,570.00.
This can be a huge problem by the time I retire. If the cost of living is this high right now imagine what it will be like in 40 years. In 40 years you could not afford to live anywhere on $1,570.00. This poses