WZTV FOX 17 - Top Stories
26-year-old Elaina Karras makes a living styling hair at William Edge Salon in Nashville, Tennessee.
"My whole life is my job," Karras said. "I absolutely love every second of it."
But one thing she doesn't love is seeing 4.2 percent of her salary being cut out of her paycheck for social security every two weeks.
"I could definitely use that money for my car payment, my insurance," Karras said. "Other types of investments also. I would really like to start investing in an IRA and something that could help me in my future."
Four percent may not seem like much but it adds up.
A worker making $30,000 a year, pays $1,260 to social security every year until they retire. If they work for 50 years, it adds up to a whopping $63,000.
"Putting it into perspective that way, it's definitely a huge number," Karras said.
The latest report on the financial stability of social security says that by the time Karras and millions of other Americans her age, are old enough to retire, social security benefits could be cut by 25 percent.
"It's certainly time to revisit social security in a fundamental way to assure its continuity," said Malcolm Get, professor of economics at Vanderbilt University.
Getz says the change could happen as early as 2033. While he doesn't expect social security to completely dry up as some fear, a reduction in benefits 21 years from now could force millions of Americans to choose between paying for food and paying for medicine.
"When they reach an age when they are to receive benefits, they would receive a smaller benefit so their standard of living would decline," Getz said.
Getz says one way to stabilize social security benefits for the future is to raise the age when workers qualify for full benefits, which today is 67. But for a hairdresser who spends most the day on her feet, working past 70 doesn't sound like a good idea.
"No it doesn't," Karras said. "It seems very discouraging."
Getz says another strategy is to increase the amount of money taken out of every American s pay check.
While Karras plans to invest in her own retirement plan, she says a tax increase might be the only thing to save the safety net millions of Americans depend on.
"People are never excited to give more money but I think it's the only way to actually assure us that we will be getting social security whenever we retire," Karras said.
Tuesday, December 4 2012, 10:46 PM CST
Prince Edward presents Edinburgh's awards in Tenn.
May 23, 2013 22:00 GMT
By ERIK SCHELZIG Associated Press
NASHVILLE, Tenn. (AP) -- Queen Elizabeth's youngest son, Prince Edward, is visiting Tennessee to promote one of the British royal family's charities, the Duke of Edinburgh's awards.
The prince presided over an awards ceremony at the governor's mansion in Nashville on Thursday for the first batch of young Tennesseans to participate in the leadership and character program.
About 80 youths received the award by participating in community service, skills development, physical fitness and adventurous journeys through the Boy Scouts, Boys and Girls Clubs, LEAD Academy, Montgomery Bell Academy or the Miss Tennessee Scholarship Organization.
Following the event, Gov. Bill Haslam and first lady Crissy Haslam invited the awardees and their families to tea inside the governor's residence. Later on Thursday, the prince was scheduled to headline a black-tie gala at Montgomery Bell Academy in Nashville.
Bernanke signals Fed to maintain stimulus efforts
WASHINGTON (AP) -- Chairman Ben Bernanke is telling Congress that the U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs.
BC-US--Dow Record-Three Personal Stories, 1st Ld-Writethru,1173
Dow Record: Three tales of ups, downs and changes
AP Photo FX102, FX103
Eds: With BC-US--Dow Record. Adds photos.
By SCOTT MAYEROWITZ
AP Business Writer
NEW YORK (AP) -- When the Dow first crossed 14,000, investors were overjoyed. ...
IN THE NEWS: TEEN ONLINE FAREWELL SONG ATTRACTS MILLIONS OF VIEWS
LAKELAND, Minn. (AP) -- High school student Zach Sobiech (SOH'-bee-eck) says he wanted to be remembered as "a kid who went down fighting and didn't really lose."
SWINGERS CLUB LAWSUIT-VEGAS
LAS VEGAS (AP) -- David Cooper wants to bring a little more sin -- to Sin City.