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Local Residents Fear Low Social Security Incomes
< < Back to local-residents-fear-low-social-security-incomesWith the increasingly high cost of living and social security failing to keep up, some area residents are saying they will never be able to really retire.
For many, retirement seems far away.
But for those nearing retirement there doesn't seem to be enough money to enjoy those golden years.
David Rauch, 50, is at least 10 years away from retirement and worrying about how he will pay every-day living expenses.
"Just in social security, I figured it's around $2500, something like that."
That's $2500 a month, totaling $30,000 a year.
Rauch says that money will be just enough to get by but he's worried about paying for other expenses, he says he will never be able to fully 'retire.'
"I'm planning on getting another job, probably not in the industry I'm in now. I'm looking at retiring probably when I'm in my early 60's and I'll probably have to supplement that with something, either that or my wife would have to supplement it," says Rauch.
Athens resident Bill Safranek is in the same boat as Rauch, "I'm not totally retired, I still practice a little law."
Safranek is compensating his social security check with the benefits he receives from the public employee's retirement system.
"I get PERS and I have other income, I'm not poverty stricken, I'm not a typical case, I'm not a poor person even though the social security I get is awful, miniscule," says Safranek.
Everyone's case is different but there are many social security calculators online to help calculate monthly expenses.