Social Security Benefits

365 Words1 Page
bulb-icon

Recommended: Short note on social security

Social security is government benefits that anyone can receive if they reach certain requirements to be able to obtain it. People who would be able to receive social security are over sixty-two years in age, disabled, or survivors. For social security workers pay 6.2% of the wages through taxes to support the spending for social security, but in the more recent years with people living longer and retiring at the same age more money has been being spent than the amount of money going in. At this rate social security will exceed the income by year 2020 and will only be able to pay for its full benefits until 2034 or close to year 2037. One problem with how much longer we will be able to use social security is that fear that at one point it will

Show More
Related

  • The Pros And Cons Of The Social Security Program

    902 Words  | 2 Pages

    Social security was designed to assist constituents during financial hardship. The program insured non-Negroes who needed unemployment compensation, met retirement age requirements, or child welfare prevention programs. Despite its forward objective, critics’ perception of the social security program was depicted as legal thievery. M.A.’s candid retort to the government’s evasive program was simply to rape the pocket’s of the people. M.A. as well as others primarily prepared for retirement or a rainy day from stock returns. Contrarily, the social security program stimulated other economic restructures, which included limited full-time workers. The shift in the economy and Roosevelt’s failed promises created a wedge between the people and the government. For instance, Mrs. OM voices her views of President Roosevelt’s campaign as a misleading trick. She further explained

    Read More

  • Pros And Cons Of Social Security

    1680 Words  | 4 Pages

    The original intention for creating social security was to act as a safety net for retirees, but as time past, there seems to be a great deal of economic issues relating to the program. Social security was created to help benefit retired workers, spouse and children of deceased workers, as well as workers who have become disabled before retirement. This insurance program provides retirees with a steady income once they retire. President Roosevelt signed the program into law on August 14,1935. Since then, social security has been beneficial for many workers and retirees. In fact, social security has become the main source of income for many retirees.

    Read More

  • Medicare: Cost and Implications for the Future

    1965 Words  | 4 Pages

    Medicare is a social policy many of our seniors look to for their stability when they reach 65

    Read More

  • Pros And Cons Of Medicare

    744 Words  | 2 Pages

    As many are aware, in most cases, when you turn 65, you qualify to apply for Medicare. In most cases, to qualify for Medicare, you need to be 65 and you or your spouse have worked and paid Medicare and Social Security payroll taxes for at least 10 years (Parker, 2014). Medicare is US’s national health insurance program for the citizens and legal permanent residents. Medicare evolved over years and now has four parts. There are mandatory for all to enroll and others are optional.

    Read More

  • The Future of Social Security

    604 Words  | 2 Pages

    Social Security is a system that was set up in 1935 after the Great depression to help people get through tough times. "Social Security is now used by nearly 44 million Americans"(policy.com). Only people who payed into social security are eligible to collect when they retire. Many people think that they receive the money they pay in but that is not total true. The money that you pay in is used for the people that are receiving it now. "In 1950 there were 16 workers for every beneficiary; today there are only three workers per beneficiary"(policy.com). There is more money going into social security then coming out now. The extra money goes into a trust to be used when it is needed. By the year 2032 those numbers are going to drop. By this time most baby boomers will be retired and collecting social security. This will put a big strain on the funds. There will be more money going out then coming in. And it will not take long to use all the money that is in the trust. By the year 2034 they will only be able to pay 75 percent of the beneficiaries. "The projected average monthly Social Security benefit in 2032 of about 1,100 (in 1998 dollars) would fall to about $800, and would drop further in later years. Average benefits for low-wage earners would drop from $670 to $480"(www.ssab). Theses cut would effect the people just starting to receive benefits and those who are already receiving benefits. And with each year these benefits will decrease. As these benefits continue to decrease "the percentage of aged people living in poverty would rise"(www.ssab).Most people believe this is happening because of the baby boomers generation. There will be more people taking from social security then giving in. By the time my generation is eliable to receive social security there may not be any money to give.

    Read More

  • The Pros and Cons of Welfare

    1565 Words  | 4 Pages

    Social welfare is the use of material and physical aid by the government for its citizens in need. It comes in the form of unemployment compensation, food stamps, retirement benefits, and various social services ranging from drug rehabilitation to child care assistance. Also, before there was public welfare provided by the government, there was private welfare issued by private organizations, like churches and groups of individuals wanting to help the less fortunate. Some of those institutions still live on today, and provide people with food, shelter and clothing. Those places are where the ideas of public welfare started, and soon worked their way up to the people that could make those decisions. Unemployment compensation is given when an individual is unemployed, and cannot pay for the necessities. That payment is intended to be used to buy clothes, food, pay bills, ect. Other types of welfare that are commonly used are retirement benefits. Retirement benefits are given out to individuals who have reached the age of 65, and have accumulated money in taxes over their lifetime. Different benefits for the retirees in include

    Read More

  • Public Policy of Social Security and Retirement Savings

    1203 Words  | 3 Pages

    Social Security is on the verge of taking care of the baby boomers generation. This means that it will be paying more benefits than taxes it receives. In lay-man’s terms it means it will be spending more money than it is making. I think that you should pay into your own private retirement account for you to reap the benefits in the future. Not for you to pay into a cluster of workers money for current elders to benefit from. You need to take care of your own future and not rely on other people’s responsibility. “…people began to think retirement funding as a right…and so…started saving less” (Klay & Steen). That being said, people of a certain age should be “grandfathered” into this meaning, people of the age of say 40, still get the normal social security retirement money but anyone younger must start abiding this new reform. If you get married, keep paying into your own unless your spouse is not working. If that is the case then pay the same amount BUT put half into your own and half into your spouses. If the other spouse is working however, they should pay into their own account and you into your own.

    Read More

  • Medicare Essay

    1043 Words  | 3 Pages

    Medicare was designed as a universal healthcare program for individuals 65 years old and older. This program is funded by Medicare taxes and general federal funding withholding taxes. Medicare is a partnership between federal and state with the goal to provide medical insurance to the elderly that is poor and disabled. Generally all people who are 65 years or older and qualify for social security will automatically qualify for Medicare.

    Read More

  • Medicare Pros And Cons

    872 Words  | 2 Pages

    for Medicare, you must meet certain conditions. A person qualifies if they are 65 years of age

    Read More

  • The Past, Present and Future of Social Security

    2689 Words  | 6 Pages

    Social security, the federal retirement system, is one of the most popular government programs in United State?s history. Today, Social Security benefits are the backbone of the nation's retirement income system. The long road to the successful development of social security began in 1935. Before 1935, very few workers received job pensions. Those workers that were covered never received benefits because they were not guaranteed.

    Read More

  • Paper

    812 Words  | 2 Pages

    Social Security is a major social program that provides benefits to multiple groups of people within the United States. These benefits include payments for pensions, disability, and unemployment compensation just to name a few. The majority of social security beneficiaries are retired workers and the remaining are pension recipients, disabled workers, dependent spouses, and children of retired or deceased workers respectively (Hyman, 2011). Social Security is financed through a taxpayer payroll tax, in addition to an employer’s portion that is matched and paid directly to the government on a quarterly basis. The employer portion of Social Security is usually not transparent to employees, but is a requirement for companies by law. In addition, self-employed individuals are also required by law to pay their own portions of OASDI and Medicare. Overall, the eligibility requirements for Social Security benefits are based on paying a tax through a place of employment and can be collected once workers have reached their assigned retirement age or become disabled. The employee and employer contribution rate is 6.2% (7.65% include FICA), up to the maximum wage base of $113,700.

    Read More

  • Medicare and Medicaid

    2099 Words  | 5 Pages

    Medicare was designed for beneficiaries sixty five years and older and enrollees who are permanently disabled and are unable to work. Medicare benefits are applied for at the Social Security office, where proof of eligibility is required. Medicaid however is health care benefits for those who are low income and do not have insurance through their job (Medicare.gov, 2008).

    Read More

  • Federally Mandated Employee Benefits

    1071 Words  | 3 Pages

    Social Security along with Medicare, are benefit taxes that are equally paid by the employer and the employee in the form of a payroll tax. This tax constitutes the largest portion of the federally mandated benefits with its purpose being to “help provide financial support to workers and their families when workers retire, die, or become disabled. Medicare provides healthcare assistance to older workers and to people with long-term disabilities … often referred to as FICA (Federal Insurance Contributions Act) or OASDI (old age, survivors, and disability insurance) for Social Security deductions and as MHI (Medicare hospital insurance)” (BLS.org, 2005). In other words, Social Security and Medicare provides for the needs of both individuals and their families. This program protects aging individuals and the disabled from expenses that they cannot afford and that may drain their savings. Social Security is an insurance system administered by the federal government and as stated before, it is mandatory for both employees and emp...

    Read More

  • Social Security Argumentative Essay

    678 Words  | 2 Pages

    Social security, since instituted in 1935, has kept many elderly people from running below the poverty line (Hosansky). In 2015, the Social Security Administration predicted that the funds would be depleted by 2034 (Max). This poses a serious threat to the living situation of future generations when they retire. Our elderly, by today’s standards, enjoy a comfortable lifestyle. They are able to retire and still make over one thousand dollars a month. Some people also have private pensions which allow them to live even more comfortably. But with social security funds running out, we must ask the inevitable question. Is it worth having social security anymore? Social security should be kept. One must never fully rely on social security. In addition

    Read More

  • What is the Future of Social Security?

    1069 Words  | 3 Pages

    According to Congressman Richard Gephardt, the social security was not meant to be the sole source of retirement income but rather as a foundation for retirement to give all working Americans a safety cushion. There will be money in the fund until 2029, so distressing baby boomers don’t have to worry. After that money is depleted the revenue from the payroll tax will be sufficient enough to pay 75% of every social security benefit for the subsequent 75 years. But how many burdens should be put on the young and middle age individuals, whose taxes basically pay for government retirement ...

    Read More

More about Social Security Benefits

Open Document