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Social Security Plan After Retirement

Life after retirement can be challenging, with several needs to satisfy. For a comfortable life after employment, one needs to have a reliable saving plan enabling an individual to easily access services like healthcare. The social security plan formulated to protect people after retirement faces a financial crisis due to unemployment issues (Shuman, 2020). I will opt for the solo 401(k) to have a better retirement plan. By using the solo 401(k) plan, I will have added advantage of remitting contributions as both employee and employer.

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Based on the volatility of the stock exchange market, I would consider not investing in my retirement savings because of uncertainty. Instead of the stock exchange market, I would rather pick a different investment that guarantees the safety of my money in the long run. If I can pay for private health insurance, I can contribute more from my paycheck to get more returns upon retirement (Ramirez & Lewis, 2018). I would advise the government to increase the full retirement age to save social security and Medicare program. This will help the government reduce the number of years the benefits are paid to the people.

References

Ramirez, M. D., & Lewis, P. G. (2018). Beliefs about corporate America and the structure of opinions toward privatization. Political Behavior, 40(4), 1011-1034. Web.

Shuman, M. H. (2020). Put your money where your life is: How to invest locally using self-directed Iras and Solo 401 (k) s. Berrett-Koehler Publishers.

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StudyCorgi. (2023, January 22). Social Security Plan After Retirement. Retrieved from https://studycorgi.com/social-security-plan-after-retirement/

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StudyCorgi. 2023. "Social Security Plan After Retirement." January 22, 2023. https://studycorgi.com/social-security-plan-after-retirement/.

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StudyCorgi. (2023) 'Social Security Plan After Retirement'. 22 January.

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