Dependency on Social Security wearing out many Americans

May 12, 2011

Americans need to rely on more than just Social Security

Proposals to hike the age that Americans can qualify for Social Security benefits have been met with criticisms from experts who say many Americans already won't be able to live long enough to cash in their benefits.

According to the Houston Chronicle, workers employed at physically-taxing jobs find proposals to increase the retirement age to 70 unrealistic given their labor-intensive careers. All the while, they continue to pay taxes into a system they may never be able to tap into themselves. The controversial situation sheds some light on how heavily many seniors rely on Social Security for their retirement income.

"I'd like to see those guys proposing that swing a sledgehammer or work a jackhammer or climb up and down towers in a refinery or chemical plant," Jim Lefton, a representative of the United Steelworkers Union, told the source. Lefton voiced concern many workers would literally die on the job if forced to wait until 70 to retire.

Americans planning for retirement ought to take steps to develop a savings account that's independent of Social Security and backed by a term life insurance policy, experts say.

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