Benefits – MGT213_1003
Using the selected articles and other credible outside sources, answer the challenge of this assignment.
First, click on the Bankrate’s website for calculating Social Security benefits (projected future earnings) through the website: https://www.bankrate.com/calculators/retirement/social-security-benefits-calculator.aspx (Links to an external site.)
Type in your current age
Estimate your retirement age to be 65
Estimate your annual income (if none exist, type in 50,000)
Estimate salary increases of 2.5% per year
Estimate the rate of inflation to be 3% per year
For ease, do not click on married status
What is your projected Social Security Benefits?
[Note, the benefit is shown as a CURRENT VALUE … however, the future buying power of your benefits will decrease over time. For example, when I was in high school, a gallon of gasoline cost $0.269, and a pack of cigarettes was $0.35. Each of these items cost more than 10 to 20 times those prices today, as compared to 40 years ago.]
Now, click onto Adirondack Bank’s Future Value of a Dollar calculator website: https://www.adirondackbank.com/mobile/calculators/csFutureDollar.asp (Links to an external site.)
In the current value of item line, type in the projected Social Security Benefits learned above
In the number of years, subtract your current age from 65, and enter the difference
Once again, put 3% in as the estimated annual inflation rate
Click calculate – this is the buying power of your future benefits in today’s value of money. In other words, this is the equivalent of your Social Security benefits if they were to start today.
Write a 3-5 page academic paper about what you learn in this activity. Discuss the difference between the projected annual benefit, and the real buying power of your projected benefit based on the impact and projection of inflation. Realizing the difference between current and future value of benefits, discuss whether you could survive on your Social Security income alone. If not, suggest ways you plan on augmenting your future retirement income. Discuss the actions you can take in order to meet your future lifestyle objectives.
Using the following “Guidelines for Writing Papers”, develop and upload your 3-5 academic paper before or by the end of Week 2.
Guidelines for Writing Papers
Your papers should be:
word-processed using Microsoft’s WORD (extension .doc or .docx)
Your papers should have:
a font size of 12
a cover page that includes your paper’s title, your name, the date, and the course identification
an introduction that states the purpose of the paper, and provides a roadmap of the paper’s contents
paragraphs that develop and support your ideas
section titles or headings, that help to organize your presentation
a conclusion that summarizes the paper
a logical flow
smooth transitions between ideas
in-text citations and a reference (bibliography) page using APA style (no footnotes)
NO grammatical, punctuation, or spelling errors
Benefits – MGT213_1003