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Social Security Pros And Cons

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Social Security Benefits, some refer to it as the saving grace for many Americans who are elderly, disabled, and dependents of beneficiaries. Unfortunately, there are more cons than pros. The main discussion in the media concerns the age limitations of receiving Social Security Retirement Income. It is said that African Americans only benefit on average 3 years of benefits while White Americans benefit on average 10 years. Although the focus is on African Americans versus White Americans benefiting from Social Security, Asian Americans, Hispanic Americans and Pacific Islanders also benefit way less than the average White American as well. After reading the statistics, I do believe there should be a revision to the age of social security. I believe if we change it to the age of 62 and the early benefits age to 60 it will be fair to the majority of the population. …show more content…
Social Security only replaces about 40% of the average wage earners income after retirement. Therefore, in order to replace your monthly income in its entirety you would have to have pensions, savings and investments to fall back on. Unfortunately, it is well known that African Americans are 20% less likely to have pensions, savings and investments compared to White Americans. The process of Social Security Taxes and Income is explained to everyone. There is a misconception that the taxes you pay goes into a personal savings account for you to use once you’ve retired; however, that is false. When you work the social security taxes is taken out of your check to pay benefits to disabled people, dependents of beneficiaries, and people who have already retired. Then, any unused Social Security Taxes goes to the Social Security Trust

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