Americans Are Not Confident About Retirement Funds

An annual survey conducted by the Benefit Research Institute (EBRI) proved that workers are not confident they will have enough money for retirement. The study interviewed more than 1,300 people age 25 and older and the numbers showed the lowest percentage of worker confidence since the 2001 recession. The percentage of confidence from last year shows this year is the biggest drop in confidence in the survey’s 18 year history.

Not surprisingly, those who reported being ‘very confident’ about retirement funds fell 18 percent this year, as opposed to last year. The reasons for this lack of confidence include rising health care costs, rising gas prices, a decline in home values, a drop in portfolio balances and an overall faltering economy. Many are worried we will find ourselves in another recession.

Many are worried that they will not have enough for retirement and although this is an issue, 22 percent reported no savings at all toward retirement funds.

Those who do have savings for retirement still do not have enough to compensate for rising costs and a declining economy. Around 50 percent have only set aside $25,000 or less, while 24 percent have saved between $25,000 and $99,000.

When workers were asked what they worried about most, 27 percent said long-term care costs and 22 percent said medical expenses. Retirees reported similar results, with 28 percent worried about long-term care and 15 percent worried about medical expenses.









For information on Social Security Disability, visit the

Social Security Disability SSI Resource Center

Is Social Security REALLY Running Out of Money?

Almost anyone you talk to about Social Security has something to say about the fact that the system is going broke. This seems to be common knowledge among the peoples of America. Within a few years it is estimated that Social Security will be paying out more than it is taking in.

Not only are the citizens worried about the lack of Social Security in the future, but even the Social Security system board of trustees releases yearly projections about the impending exhaustion of Social Security funds. Sure, the numbers change each year, but the major consensus is that they will run out of money this century.

In 2000 they said Social Security would be exhausted by 2032. In 2002 they claimed it would be out of money by 2037. Now they are saying we have until 2041. The Congressional Budget Office says we’ll be okay until 2052.

These projections seem to make sense, but there are still certain things being overlooked: the growth rate of the economy and low projection numbers.

Although the economy has grown on an average of 3.4 percent from 1960 to 2005, the projection reports are calculating their low cost and intermediate projections at rates at 2.3 and 2.9 percent. Both of these projections are well below the actual growth rate of the country.

When these numbers are taken into inconsideration, the low cost projection shows that the Social Security system never runs out of money.

Could this be true?








For information on Social Security Disability, visit the

Social Security Disability SSI Resource Center

Terminal Waiting: Social Security

How long does it take to get the Social Security disability payments that are entitled to you when you finally need it? It can take years and unfortunately, long waiting periods for Social Security disability can be terminal to those waiting.

Without the ability to work, many people who have worked faithfully their entire lives exhaust their savings accounts and end up borrowing money to survive, while those without the ability to borrow lose their homes, move in with family or friends, live in their cars and become homeless.

While money issues can present living problems, the worst issue of waiting for Social Security disability is not how to pay rent or mortgage payments, but how to take care of health expenses.

Denial of healthcare can be terminal. Without money, many people must watch their illnesses get worse, cannot afford doctor bills and medications, and develop worse conditions as they wait for our country’s systems to pull through. In fact, it is not uncommon for people to wait two years to start receiving their payments. The national average wait is 502 days, but some must wait much more.

This system seems unacceptable; we are forced to pay Social Security insurance and then cannot receive when it is needed most.

The Social Security system has hereby been deemed terminally ill. Let’s hope it can get the money and care it needs to stay alive and healthy.








For information on Social Security Disability, visit the

Social Security Disability SSI Resource Center