Social Security System Essay

453 Words1 Page
bulb-icon

Recommended: Retirement planning research paper

The current social security system should not be replaced by a private pension program. Replacing the problem would only make the current issue worse and cause more problems down the line. The issue with social security isn’t that people are living longer, it is the fact that people are having fewer children. The biggest problem is the economy, not how the current system is being ran. The only problem with social security is the fact that newer generations don’t believe that it will benefit them by the time they retire.
One of the biggest issues is the fact that future generations are having fewer children. Since the baby boom, the amount of children being born per year have been declining. Therefore, with fewer children being born the current …show more content…

Since the 1960s and more forms of birth control have been found, social security funds have been challenged by a revolutionary improvement that has been brought into women’s lives. To solve this issue the government will have to implement more taxes on people in the workforce to help fund the future of social security.
To solve this issue we need to find a way to generate the amount of money lost by fewer people entering the workforce. Mainly because this is the only issue with the system, fewer people working which equals to social security’s budget to be low. One way to solve this issue would be to implement more taxes, or to ensure more security over its treasury. As long as the treasury is protected with its surplus in those accounts it should help secure future generations of retirees.
Overall social security should not be replaced with a private pension program. All that must be done is to help fix the current system and find another way to gather funding. Instead, invest what can be afforded safely so that even if the stock market was to crash the money would be safe. So no social security should not be replaced with a private pension program because it would not help hard working Americans when it came their turn to

Show More
Related

  • In Favor of Social Security Reform

    1027 Words  | 3 Pages

    There are millions of Americans affected by social security. These Americans rely on social security to provide them with financial security. Recently President Bush agreed to proposing a method of privatizing the social security program so that in the future the vast reserves of the social security system would not run out nearly as fast. With the always increasing rise in inflation, and the baby boomer generation reaching ages of retirement fairly soon, this is an issue that needs to be dealt with correctly and rapidly. The way the president is handling the situation is definitely the right way to do it. There are many things and ways in which to do it wrong, but the president seems to be pointing the plans of social security in the right direction. The president’s plans of reforming social security are right because the privatization is the best way to go, changing the rules for those who would apply for it increases the savings and makes the money go farther, and working with the distribution of different tax percentages would really make the money go a lot farther.

    Read More

  • 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

  • Privatization Of Social Security: Pros And Cons Of Social Security

    941 Words  | 2 Pages

    PROS: The proponents of privatization of social security stated, “Workers should have the freedom to control their own retirement investments, that private accounts will give retirees higher returns than the current system can offer, and that privatization may help to restore the system 's solvency.”

    Read More

  • Pros And Cons Of Social Security

    1680 Words  | 4 Pages

    pros and cons. The pros would be that the people who really needed social security would be receiving it, and it would also be able to fulfill it’s initial purpose, which was to act as a safety net for retirees. One of the cons would be having to determine the amount of income that would qualify as a high-class income.

    Read More

  • Pros and Cons of Privatized Social Security

    1203 Words  | 3 Pages

    When we hear about social security we think of that number every adult and college teen should memorize as they venture on the real world. We don’t think any more of it and most people don’t know about the benefits of such a number and having one. Some migrants from other countries dream of being in America and having a social security so that they may reap the benefits of having such a number and becoming a US citizen, while most every day people just assume it’s a number. What social security is would be a program created back in 1935 and it was used to provide old age, disability, and survivors insurance and on top of that, a supplemental security income which is a income for the elderly and/or disabled people of these United States. Now lets say we privatize all that and therefore do what we did with healthcare, of course their will be good outcomes of doing such a move but where this is good, there will always be bad no matter how good something turns out to be. The stock market, pride, government, all of these are several factors that can be towards privatization of social security but also can be bad things about it as well. Without the government we lose order, with the government we have less freedom, with the stock market people could win, without the stock market (when it crashes) people lose, yin and yang, pro and con one cannot exist with out the other.

    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

  • Social Security and Corporate Welfare

    4037 Words  | 9 Pages

    Today, the future of Social Security is in the news again. The reason Social Security is of such concern is that the extremely large group of citizens born in the post-World War II period—the much-discussed baby-boom generation—is retiring. The generation that will take its place in the workforce is far smaller in proportion to the number of retirees, raising fears about the sustainability of Social Security. In the past, proposed solutions to the various problems facing Social Security aroused great debate. Each time, however, the arguments were stilled, repairs were made, and the system continued to fulfill its mandate. That uncertainty about the future has resulted in suggestions for change that range from minor adjustments to complete privatization of the ...

    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

  • 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

    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 deductions, then get money back after you retire. Nonetheless, Social Security is a complex and intricate communal program. By design, Social Security involves massive subsidies from the next generation of retirees to the present, from single workers to married couples. Now that the gigantic post World War II baby boomers generation approaches retirement age, there is concern about the consequences it will have on Social Security. There are basically three options, we can do nothing and allow Social Security to run it’s course, revise Social Security, or consider privatization of the system.

    Read More

  • Medicare Essay

    923 Words  | 2 Pages

    Medicare is a national social insurance program, run by the U.S. federal government since 1966 that promises health insurance for Americans aged 65 and older and younger people with disabilities. Being the nation’s single largest health insurance program, covering a large population for a wide range of health services, Medicare's funding is a fundamental part of it sustainability. Medicare is comprised of several different parts, serving different purposes, some of which require separate funding. In general, people at the age of 65 and older who have been legal residents of the United States for at least 5 years are eligible for Medicare. Same is true with people that have disabilities under 65, if they receive Social Security Disability Insurance benefits. Medicare involves four parts: Part A is hospital insurance. Part B is additional medical insurance, that Part A doesn't cover. Part C health plans, also mostly known as Medicare Advantage, are another way for original Medicare beneficiaries to receive their Part A, B and D benefits. Medicare Part D covers many prescription drugs, some of which are covered by Part B. Medicare is a major operation, not only needing adequate administering but the necessary allocated funds to keep this massive system afloat.

    Read More

  • Long Term Care Insurance

    832 Words  | 2 Pages

    Currently, voters may be unenthusiastic to accept tax increases to fund social long term care insurance program. Moreover, private long term care insurance is only able to serve a small fraction of the aging population because of the cost. However, the government funded long term care insurance program can relieve pressure on family caregivers, improve the quality of life for some elderly, and put in place a framework for addressing the nation’s severe demographic challenges.

    Read More

  • Health Care As A Social Problem Essay

    1582 Words  | 4 Pages

    Social problem is a broad topic, there is “No conclusive idea of what constitutes a social problem.” To define a social problem, there are generally three different ideas to define a social problem, “Something that impacts a large group; Something that the people in a society collective agree it is problematic; Something that violates a moral code.” (Logan) Healthcare has been on the spot light, because of The American Health Care Act. I’d like to present health care in United States as a social problem, because it qualify the three ideas to define social problem. First of all, it impacts a large group in the society, because of its cost. According to CDC, “28.2 million people who are under age of sixty five are insured” (CDC). Second, people in a society collective

    Read More

  • The Effects of Population Growth in China

    1744 Words  | 4 Pages

    ...leads some economic problems. The population will continue growing and will peak in 2030 and start to decrease in 2050.

    Read More

More about Social Security System Essay

Open Document