A failing Social Security Retirement program glimmers like broken glass on the horizon. Unfortunately, many people are relying on this program for their approaching retirement needs and by doing so add uncertainty within their future. Misconceptions pertaining to the program are widespread, and require further examination. Two questions may single out whether one has a false impression of the role of Social Security and retirement. First, was Social Security meant to be the only source of an individual’s income, and second, are the taxes paid today saved exclusively for an individual’s future retirement? According to a brochure from Social Security Online, (Understanding The Benefits, 2010) the answer to both questions is no, therefore …show more content…
The financial instability of the Social Security program is nothing new, as the program relies on the economy. The workforce pays taxes to provide benefits. A positive workforce equals a surplus, as any extra taxes not required for current benefits are reserved. The working people support the program, therefore when people lose jobs less money is available for the program. The number of people entering their retirement is climbing, while the economy is struggling. Individuals who enact upon a plan for their retirement needs avoid the instability of the program, therefore taking control of their future. For many people, retiring will eventually become part of their future, so by taking back control they achieve peace of mind. A program does not feel the pain associated with losing everything an individual gained throughout his/her lifetime. A program may claim to sympathize, but in the end, the one who suffers is the individual. Taking control of retirement now, as opposed to later or never, resolves a crucial element of the future, because planning allows an individual the tools to fix a problem before the individual confronts the problem.
According to the (U.S. Census Bureau, Federal Budget Debt, 2010) national debt is climbing at an unprecedented level never seen before. Reflecting on the data should substantiate the need for planning. The
Our nation ensures social welfare through Social Security. However, the United States cannot ensure the welfare of its own welfare system. To save Social Security, Americans in general do not favor an increase in the payroll tax, a cut in benefits or an increase in the retirement age. Furthermore, Americans are relying upon Social Security as their sole source of income at increasingly alarming rates. Social Security is intended to supplement retiree income, not account for 100% of it. Through elimination of the potential options, that leaves one necessary action: invest the Social Security trust fund in the stock market.
In “The Social Security Problem”, Max Moore discusses the fearful reality of Social Security running out of funds. He states that the U.S. Department of the Treasury predicts that Social Security funds will run out by 2041 and action must be taken in order to prevent this (134). In his essay, he explains how the depletion of Social Security funds are a result from a decreasing retirement age, decreasing fertility rate, and shrinking work force. These things contribute to an increased population relying on Social Security, an increased population of the elderly, and a decreased ratio of workers paying for those beneficiaries (135). Moore explains the proposal of George W. Bush to make Social Security partially privatized; allowing young workers to invest their retirement savings into their own account. This would result in people putting their retirement on the line in
We could save the Social Security Program, if we engaged in some simple changes. There could be some slight changes in the retirement age area and in the Taxes area. According to the Article "Modest Changes Could save Social Security Program" written by Stephen Ohlemacher, he clearly stated that employees are 100% grantee for an full retirement benefit package once the hit the age of sixty-six. It will later rises to the age of sixty-seven for elders that was born in 1960 or later. In addition, employees are able to receive an early retirement at the age of sixty-two, although their retirement benefits would have been reduced (Ohlemacher). Some changes we can apply to the retirement age, is that we could slightly increase the retirement age until it reaches seventy in the year 2027, which would eliminate some shortfall in the program. Secondly, there should be a three-year increase in the early retirement age,
Social Security has been a very beneficial government program for elderly people, and those whom they support, when being an active member in the workforce is no longer an option for reasons such as old age, disability, or death. Destruction of the program, or worse, lack of the aid, would be catastrophic. Without it, it could leave many senior citizens that can no longer
For many years the social security program has been operating successfully. In recent times however, it is becoming apparent to some that social security is in need of reform. Their argument is that with the amount of people getting older in the next couple of decades, there will not be enough money left in the social security reserves to pay for everyone who needs it. That is why the idea of separating social security up into private funds has been brought to the attention of the American citizens. This idea of reform has been around for quite a long time; however it has been pushed on by pro reform supporters more in recent times because they think it is necessary for the
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
By looking at the ratio of young to elder citizens at that time, idea of providing benefits to retirees from young employees’ taxes was logical. Only thing that Roosevelt was unaware of was the period of “baby boom” that was going to create trouble in the future with providing benefits. With the retirement of “baby boomers” in around 2018, real crisis will start for Social Security Administration with providing higher amount of benefits from lower amount of incomes.
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
Madonna is a seven-time grammy award winner and she has 37 number one hits on the top Billboard 200, according to Rolling Stone Magazine. She has influenced many other artists too through her music. Her many number one hits and awards have made her even more famous with an everlasting legacy. Madonna has contributed to the music industry and has had a very successful musical career that has a legacy with many top hits despite her tragic childhood and her struggles as an artist. From the things that Madonna said as an early artist, to who she is now, she has always had great potential that has led her to being the successful artist that she is today.
Today, the certainty of receiving sufficient benefits solely from Social Security for a quality standard of living after retirement is indefinite. Baby boomers—individuals born post World War II between 1946 and 1964—are beginning to claim their benefits, and given what I have learned in class, the number of individuals entering the workforce is inadequate to sustain such a large population, thus such generation will consume
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 Canterbury Tales “The Prologue to The Canterbury Tales” were told during a pilgrimage journey from London to the shrine of the martyr St. Thomas a Becket at Canterbury Cathedral. This was approximately 70 miles to the southeast. These Tales were told by a group of 29 pilgrims, and a Host who met up with them at the Tabard Inn. They left the Inn on the morning of April, 11. The Nun’s Priest Tale was the first story actually told, this was determined by whoever drew the shortest straw.
Throughout most of the country’s history, the United States’ federal government maintained a reasonable level of national debt. For example, the total national debt in 1981 was $998 billion. Since then, however, the government has generated significant budget deficits, and the level of debt has risen to $16.7 trillion in 2013 (Calleo, 39). Budget deficits are caused
Planning for retirement should not be based on Social Security alone, but rather by saving portions of personal earned wages and putting finances into long-term investments. Depending on Social Security as the only income after retiring is an unsafe and undependable way to prepare for retirement. People who contribute to Social Security are mandatorily putting money into the Social Security Reserve; this money is used for older generations that will file for these benefits before the younger people working, in the early 21 century, ever receive a chance. Money controlled by other’s hands will never be a guarantee for a secure future, yet money saved by an individual to put toward personal goals will reward greatly. By taking the time to
In Pratt’s informative book, claiming that a line of thought originated in large part with Northeastern U.S. Indian tribes is supposed to reflect well on that line of thought or on those tribes or both. That line of thought is roughly the thought of John Dewey, taken here as a culmination and summary of American Pragmatism. The characterization of pragmatism offered in the book is friendly toward it. Pragmatism, on Pratt’s view, consists of four commitments to principles. These put the American school of thought in opposition to standard tendencies in the traditions of Western philosophy.