Essay Sample on Calculating Life Expectancy & Social Security Benefits

Paper Type:  Essay
Pages:  3
Wordcount:  589 Words
Date:  2023-02-23

Based on the period life table provided on the life expectancy for the social security area population, it takes to account the education status, the income of the individual and also the advances in medicine that might occur during one's career period. According to the period life table am expected to live for 78 years and retire at the age of 62. Moreover, my expected social security benefit is expected to be $8261 per month. Following the number of years being expected to live and also the benefit, am expected to save $5430 annually.

Trust banner

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Since I will live for another 16 years after my retirement, I fell a little overwhelmed. It will mean that the more years I am living, there will be more money I will be saving to add to my retirement benefits. During the time in which I will be on the retirement period, I would want to enjoy life without the worry of any money. For me to be able to live a happy experience when I retire, I need to start saving now.

I was a bit shocked to the amount I was supposed to save to maintain my standard of living. My thought was way more than that, since I know living on the saving is not easy at all. The amount of money available when you retire is the social security money and retirement money, this made me feel like starting saving more money now to live the kind of life I want. I thought I have to keep more money, but now I know I don't have to save a lot of money to live a happy life.

In my head, I believe that the social security trust fund gives employees a chance to start saving ahead of time. It is because after all the money saved is yours at the end of the day, so employees have the right to get back the money after retirement. The employer and the employee are allowed to put money away for the retirement by social security fund, which will still be there when the employee retires. The amount that will be available on social security fund trust might be less due to unseen factors like increase in population.

There are different ways in which I can improve my financial security in retirement. Firstly, I can start saving, and it means that the younger I start saving the more money I will have for retirement. Hence, people need to begin to save as early as possible so that retirement money could be sufficient for a happy life. Secondly, it is by dealing with my debts. By taking care of obligations as early as I can, it will help to reduce debt from piling during retirement. Lastly, it is by saving on tax-free accounts. By keeping as much as possible on a tax-free account allows investment to grow over time without losing any money.

One way in which HR can encourage employees to save and invest is by providing them with the retirement programs that support savings and wealth accumulations. By doing so will help the employees to save more for future retirement. Another way would show them the lifestyle they would live if they do not save for the future. HR should show them that social security is the only way out of that. The last option is to provide them with financial planning. The HR asks them when they want to retire and the kind of lifestyle they would like to maintain and calculate the savings from that.

Cite this page

Essay Sample on Calculating Life Expectancy & Social Security Benefits. (2023, Feb 23). Retrieved from

Free essays can be submitted by anyone,

so we do not vouch for their quality

Want a quality guarantee?
Order from one of our vetted writers instead

If you are the original author of this essay and no longer wish to have it published on the ProEssays website, please click below to request its removal:

didn't find image

Liked this essay sample but need an original one?

Hire a professional with VAST experience and 25% off!

24/7 online support

NO plagiarism