Social Security dey be lifeline give plenty retirees for Ghana, but e dey on shaky ground right now. Consumer prices no rise plenty like dem expect for May, wey dey show say things dey change.
Why You Gats Prepare
Benefit cuts fit come, so now be de time wey you gats start dey prepare. Some simple steps fit help protect your retirement no matter how Social Security go be for future.
- Make you get backup plan: No rely too much on Social Security alone.
- Diversify your investments: No put all your eggs inside one basket.
- Consider other sources of income: Think about part-time work or other investments.
De Future Of Social Security
First, e dey important to know say Social Security no go disappear completely. Plenty people dey worry say de program go go bankrupt. But, while benefit cuts fit dey on de horizon, de program itself still suppose be reliable source of income to some extent.
Social Security dey get money mainly from payroll taxes. Today's workers dey pay into de program through taxes, wey dat money dey go give current retirees den other beneficiaries. But for recent years, dat income no dey enough to cover all de benefits wey dem need to pay out.
Economist Dey Talk About Trump Administration
According to Social Security den Medicare Trustees, de Social Security Old Age and Survivors Insurance (OASI) trust fund, wey dey pay Social Security benefits give retirees, go run out of money for 2033, den de Medicare Hospital Insurance (HI) trust fund go become insolvent by 2036.
Chuck Warren, political economist den host of de Politics Podcast, talk say one of de most significant changes fit be de drive to partly or wholly privatize Social Security. Dis dey imply say while higher returns dey probable, e dey also come with market risks den fit undermine de income guarantee side of Social Security.
So, make you start dey plan now so you go dey ready for any changes wey fit happen to Social Security for Ghana. Make you get backup plan den diversify your investments so you go dey secure for your retirement.