Why Is Social Security Important In The 21st Century?

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

Social security was created in response to the persuasive poverty during the great depression. It began when the social security act was signed by the FDR on Aug 14, 1935 but taxes for it were not collected until January 1937. Although its goal was to provide retired citizens with funds to survive it was ultimately a long-term shortfall. The plan for social security as it stands today would only last until 2033. This is due to demographic pressures and a week economy as of late. Without any modifications, social security will certainly not be around for the future generations.

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

Americas Social Security is running out! According to Social Security and Medicare Boards of Trustees “Projected long-run program costs for both Medicare and Social Security are not sustainable under currently scheduled financing, and will require legislative modifications if disruptive consequences for beneficiaries and taxpayers are to be avoided.” (Social Security Online). Other evidence shows “After 2022, trust fund assets will be redeemed in amounts that exceed interest earnings until trust fund reserves are exhausted in 2036, one year earlier than was projected last year.” (Social Security Online).

This report was written on November 20, 2015, by Brittney Bowman, using sources from the VU library website. In this report, I will discuss the presently debated topic of the future of the Social Security program. I will do this by providing information on the history of the program, exploring the current standing of the program and its related uncertainty, and discussing the future of the program. The purpose of this report is to fulfill the business report assignment requirements by exploring the future of Social Security and what events have brought the program to where it is now. The problem with this issue is that due to conflicting information being reported, the current state of the Social Security program is unknown and is rumored to be running out of funds with the program reaching bankruptcy in the very near future. However, this is still debated upon between groups on whether the program is actually going broke. Regardless, the Social Security Program has been a very common source of income for retirees for nearly a hundred years and it will very soon need to be revitalized to accommodate growing need and demand.

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 contribute through payroll

The money available for retirement is a critical factor in determining when a person can afford to retire. If there isn’t enough money to live off of and receive on a monthly basis then it will prolong my retirement and I may have to keep working. Other things that I see an increase in are homelessness and poverty rates because these things happen when people aren’t receiving adequate income to support themselves, especially the ones who are disabled and unable to work.

     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

For the past 78 years, one governmental system’s benefits have been essential to the nation’s elderly and disabled individuals. This system itself has focused on providing benefits to every American when they reach the age of 65, or earlier than the age of 65 if they preferred to receive smaller amounts of benefits per year (Social Security Administration). The system, at the same time, has taxed citizens and companies to levy this distribution of benefits. This system may seem to be a great idea; however, the trust fund has been ever decreasing with no end of this decrease in sight (Economist Briefing). This system –Social Security – is in grave danger of running out of funds and needs to be reformed immediately.

Almost every American adult citizen is aware of the Social Security Administration. Every payday, each working American has tax deduction for Social Security on their payroll stubs and these deductions are recorded on their W2 forms at the end of the year. If they have older parents or disabled family members, then they would be aware of Social Security Disability Income (SSDI) and/or Social Security Income (SSI). Many young people are not conscious of life before Social Security, how disabled or elderly citizens lived without Federal assistance or how Social Security came into existence. Like any issue, there are champions and challengers, people will argue over the benefits and the weaknesses of the issue or alternate ideas for the same

On August 8th, 1935 when Franklin D. Roosevelt signed the Social Security Act, it isn’t likely that he wanted it to turn into what it is today. The social security system is not only being taken advantage of by the government, but in fact is also being taken advantage by unlawful citizens. The Social Security Act presently has loopholes that enable citizens to falsely claim these funds. An examination of these loopholes will be conducted as well as a probe into what the government is doing to repair these issues. The system was originally created to aid in support of old-aged citizens, victims of industrial accidents, the unemployed and dependent mothers and children. The current utilization of the social security system is not justified

Social Security is a system all us Americans currently pay into unless exempt for financial, religious, or debilitated reasons. As citizens we pay into this system in order to someday see the return of our wages that we once put in. The money paid into social security aids the elderly and disabled people of the current time. None of that money is put aside specifically for anyone, therefore as long as people continue to pay into social security there should be money to support those who are retired and disabled. Although the amount of money someone puts into the system is not the amount of money that they will receive from it in the end.

The Social Security system has long been a program to help ensure the “American Dream”. It guarantees that our elderly and poor are taken care of in retirement and that the younger generation has financial assistance in supporting their family. Despite other controversial welfare/redistribution programs, Social Security is very popular among the majority of Americans and does not face significant opposition from the wealthiest who put more into the system than they get back. This does not mean that the program is free of issues as its solvency has been a leading issue American politics for some time now. Many partisans have advocated for either raising taxes on the wealthy or cutting benefits to fix these issues but nothing has been mutually agreed upon. As the Trust Fund continues to evaporate, a balanced solution becomes more necessary to the long term survival of the program.

Social Security is one of America’s most successful government programs, and has helped millions of Americans avoid poverty. Congress passed the Social Security Act in 1935 and the retirement benefits program went into effect on January 1, 1937. Social Security issued its first monthly retirement benefits check to Ida May Fuller of Ludlow, Vermont on January 31, 1940 in the amount of $22.54. Miss Fuller, a Legal Secretary, retired in November 1939. She started collecting benefits at the age 65 and lived to be 100 years old, dying in 1975. Miss Fuller worked for three years under the Social Security program, the accumulated taxes on her salary during those three years was a total of $24.75. During her lifetime she

Let’s be honest, we simply can never have enough money, so when you are planning for a time where you have no income you must prepare accordingly. Many Americans are under the false impression that when they retire Social Security will cover their living expenses, but the reality is that the average Social Security benefit is $1180.80 per month. With the federal minimum wage being $7.25, a Social Security check is nearly equivalent to a minimum wage job, which is hardly a livable income for most people. The average wage needed for a two-bedroom apartment throughout our country is $20.30, so that goes to