The Social Security system was created in 1935 to provide income for retirees. Today, 167 million people pay Social Security taxes, and 60 million Americans (retired workers, the disabled, survivors of the deceased, and beneficiary dependents) receive the benefits. American workers pay Social Security taxes on their income through an automatic deduction. However, the taxes that you pay are not stashed away into your own personal Social Security savings account, but rather it pools to cover current beneficiaries. According to the Social Security Administration, as seniors age, they rely more and more on Social Security benefits. Social Security was designed to be a supplement, not the only source of income for Americans, though. I have heard that Social Security will only …show more content…
Therefore, Congress will have to close the gap somehow and will probably scale back on benefits or increase taxes or even a combination of the two. Social Security will most likely NOT be available when I come to retiring age, unless there is some sort of reform. Perhaps there will be some benefits, but certainly not as much as retirees are currently receiving, which really is not all that much to begin with. As I said before, though, Social Security was never meant to be the only income source in our older age. Whether Social Security is fully available when I do retire (which I do not believe that it will be) or only partially, people of my age need to start planning for retirement now and become less dependent upon the government. We can do that by putting our paycheck towards a 401(k) plan or a Roth IRA. Unless there is some sort of reform that changes everything, there is absolutely no way that Americans my age will receive a comfortable and livable wage from Social Security. While that may be disappointing to hear, it is not necessarily a bad
Your three pronged approach to negate the passing of Social Security makes perfect sense. The taxes that are levied to support government programs hurt the employees and employers in the long run. As you mention, the program outlay of monies would never equal the income generated by taxes as the ratio of workers continue to decrease compared to the number of program recipients.
"On a daily basis senior citizens face a choice between buying food, paying the rent, or buying medicine. Senior citizens slice pills into halves because they can't afford
It’s a matter of either losing all that you have worked for and live in poverty when retired or allowing your hard earned dollars to grow and have a secure comfortable retirement. I believe that Social Security is a doomed Government Program and that Privatization of Social Security would allow for a more secure retirement plan for all Americans. Social Security was first created to help aging Americans in their senior years so they would not end up in poverty. Social Security was signed in as law on August 14, 1935 by President Franklin D. Roosevelt and was fully operating by 1940 (SSA). Originally a retirement program, but Social Security now includes survivor benefits, disability benefits and Medicare and all together is the largest
Population health emphasizes on the on health issues of total populations at community level, state level or at country level and public health programs attempt to maximize preventive care at primary, secondary and tertiary levels. Traditionally, physician practices are involved in treatment procedures of acute problems and left with little time to address on preventive care and chronic care needs. To contain the costs in healthcare, Affordable care act promoted the importance of preventive medicine and made a provision which makes preventive care affordable and accessible by requiring certain private health plans to cover certain recommended preventive services
The social security act was created by President Franklin D. Roosevelt so that he could put in place provisions in order to help the elderly. The social security act a document that helps impoverished citizens, such as the elderly and physically impaired receive benefits after retirement. Citizens’ in America during the great depression where expected to work weather elderly or physically disabled. These citizens weren’t afforded the financial stability to retire so work was a necessity to acquire money. “Prior to social security, the elderly routinely faced the prospect of poverty upon retirement” (U.S SSA). This effect of the great depression led to a lot death and homes turning into singled parent homes with no income. “The widespread
If a Social Security Act were being built today, I think it would look much different from the version that was created in 1935. There are many factors that have changed dramatically, and while there have been updates along the way in an attempt to address them, the program has still lagged behind to cause some to question its effectiveness and longevity. The very idea that government would be intervening in something that has such a large economic impact on the economy is frightening, but I do not feel we can rely on a system without Social Security. Today people live longer, has less saving, and right or wrong, have a higher expectation of living than people did decades ago. We live in a civilized country that contributes to helping others throughout the world, would we turn on back on our elderly or hope that someone else will find a solution? The idea of keeping government out and allowing a private solution sounds great, but ultimately I feel the problem will shift onto the citizens.
It’s a matter of either losing all that you have worked for and live in poverty when retired or allowing your hard earned dollars to grow and have a secure comfortable retirement. I believe that Social Security is a doomed Government Program and that Privatization of Social Security would allow for a more secure retirement plan for all Americans. Social Security was first created to help aging Americans in their senior years so they would not end up in poverty. Social Security was signed in as law on August 14, 1935 by President Franklin D. Roosevelt and was fully operating by 1940. Originally a retirement program, but Social Security now includes survivor benefits, disability benefits and Medicare and all together is the largest
First, Social Security has a poor return on investment. Most folks could double their earnings by simply investing money that goes into SS into a decent mutual fund. Secondly, Social Security isn't your money. When you and your wife die, that's it - no money goes to your kids. Money invested in the private sector is yours to will to anyone you want. Third, Social Security is anything but secure. It will eventually go bankrupt in the coming decades if SS taxes are not raised, benefits decreased, or the eligible age to receive SS funds increased. The reason it's going to go bankrupt is because Americans are living longer and the ratio of workers supporting the program to retirees benefiting the program has reversed in the last 20 years. It's
“Social security alone is not a reliable source for your retirement income.” This could be true and false. For the average working person, Social Security may replace 40% of preretirement. It is very important that senior citizen include this factor into their retirement planning. Think about how much 40% really is. If you’re training for a marathon, you wouldn’t want to run 36.5 miles instead of 26.2, which is 40% less of a trek. When you’re calculating how much you should save for retirement, it is always good to know how much is automatically covered.
There is much-heated debate on the issues of Social Security today. The Social Security system is the largest government program of income distribution in the United States. People are concerned that they won't see a dime of what they worked so hard to contribute into the Social Security system for so many years. Social Security provides benefits to about forty-three million Americans. Not only to retired workers, but also to their spouses and dependents of the workers who die prematurely. It also provides benefits to disabled workers and their dependents. Social Security appears to most people like a simple retirement saving’s account. After all, you generally
The state of our current Social Security program is that there are fewer workers to fund the Social Security program through payroll taxes due to the decrease in number of birth rates per woman. Simple math shows that less people to contribute equals less money being funded. Social Security payroll taxes were just reduced from 6.2% to 4.2% per worker. To be eligible to receive Social Security benefits, you must earn 40 “credits” which is equivalent to 10 years of working. The monthly retirement benefit amount is based on the retired workers lifetime earnings.
Social Security (SS) is a federal program that provides a steady income for mainly elderly people who no longer receive wages due to situations such as retirement, disability, or death. Social security provides social stability to more than ninety-six percent of working Americans who retire, and there are many different benefits that come
The financial solvency of the social security program has been in question for some time. According to analysts, the Social Security Retirement fund has enough funds to pay full benefits until 2034 (http://www.therubins.com/socsec/solvency.htm). It sounds far off in the future, but in reality that is only 19 years away! In that time, I
The legislation referred to as the Social Security Disability Insurance and Unemployment Benefits Double Dip Elimination Act has recently come to my attention with great concern. As a citizen of the United States, a current taxpayer, and an eligible voter as of May 2015, this bill will not only affect my present but also my future.
Social Security is a public program designed to provide income and services to individuals in the event of retirement, sickness, disability, death, or unemployment. In the United States, the word social security refers to the programs established in 1935 under the Social Security Act. Societies throughout history have devised ways to support people who cannot support themselves. In 1937 the government began issuing Social Security identification cards to all citizens. Each card had a unique number that the government used to keep track of a person’s earnings and the taxes collected from those earnings that went to finance Social Security benefits. The Social Security Act is an act in which