As the baby boomers continue to reach the Social Security-drawing age, the American government’s surplus of finances will gradually fall to a dearth of funds unless intervention is made quickly. Plans for reform have been mentioned, but so far nothing has been done to supplement the future’s inevitable lack of funds. The sooner the government takes action on Social Security, the less severe the reform will have to be. Well- planned adjustments in the smallest increments can make the largest impacts on the system of Social Security.
Young people and many others are convinced Social Security will not be there when they reach the retirement age. Some proclaim it will only become a monthly allowance from the government, not providing for all the needs one requires. After years of paying into the system, the return will be insubstantial for adequate living. Retirees will have to look to other places for income- even coming out of retirement to pay bills. But what job will hire the elderly besides a Wal-Mart greeter( insert)?
Confidence in Social Security has been lost. The med...
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.
Throughout the 20th century governmental responsibility has made remarkable progress. One major milestone of the widening of the responsibility of the federal government was it’s making an obligation to care for the elderly and retired in the form of social security. In 1935, the Social Security Act was enacted by the federal government to provide financial security to the elderly, retired citizens in America. Although the federal government first took on this responsibility in 1935, it is still affecting our lives today. However, social security would not have advanced this far without many organizations and individual reformers to begin and improve social security throughout history.
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
Social security is a benefit program that was established in 1935 by Franklin Roosevelt. The program is a system in which workers pool a portion of their wages. These wages are paid to retired people on a monthly basis. The idea of the program is to protect each other and their families against wage loss when they retire. The ideas of social security benefits were intended to supplement pensions, and personal savings for retired people.
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.
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.
Recent budget controversy in Congress and the media has once again brought to the forefront the pressing desire for fiscal responsibility in the United States Government. Although Congress came to a compromise over the budget in the proverbial eleventh hour, the extra attention afforded to the budget issue has reignited a lingering controversy: is the current system of transfer payment programs a financially viable one, or should these programs be recognized as an economic burden? As new waves of retirees stream into the system, it has once more become necessary to consider whether or not the U.S. Government can truly afford to keep the implicit promises it has made, and if the next generation to reach retirement age will see the benefits that it pays for current claimants to enjoy.
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.
Expanding Social Security Spending In recent decades, entitlement programs have constituted a substantial portion of the
Michael Jones worked his whole life. At the age of 15 he started as a dishwasher at a restaurant a mile away from his house. He never graduated high school because he had to quit school to help his single mom support a family of six. There were many times in his life where he worked two jobs, but at minimum-wage, if that, 80 hours a week still did not go far. By the age of 20 he was married, and soon began to have a family of his own. Michael is a simple man but a hard workingman. Michael rarely took vacations, worked 60+ hours a week, and raised four daughters of his own. After about 25 years of marriage Michael and his wife divorced. Recently Michael turned 65, and against his desire to keep working, his doctor suggested that he retire, due to suffering from two heart attacks, one when he was 50, the other when he was 62. For 50 years Michael has worked many jobs, unfortunately, due to his limited education, he often worked minimum paying jobs. During the first half of this working life he was supporting his family, and Michael was only able to save for retirement after his children had graduated college. Only his latest employer offered pension plan. Now after working his whole life, Michael is left with $305 a month from his pension, and $742 from Social Security. Social Security has become his major source of sustainment. The Social Security Administration (SSA), has become a lifesaver for Michael and most retirees. This paper will attempt to answer how the Social Security Administration came to be, and what it does for the country and its hard working citizens. It will give a brief overview on the history of the administration; what statutes give the agency its authorities; ...
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 ...
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.
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
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.
America is a country where everyone is free to live however they like, but it is possible for some people to live a happy life, if no one is around to take care of them. Nearly three hundred million people reside in the America, and out of those three hundred million populations, senior citizens make a 12 percent of the entire population. A senior citizen is commonly known as a person who is over the age of 65 and living on retirement, or known as social security benefits (Census Bureau). Ever since Franklin D. Roosevelt implied the act of Social Security in 1935, seniors are regularly provided a financial help, but seniors, along with financial help, seeks also accompany of someone who can look after them. Because of constantly growing needs of senior citizens, government as well as many non-profit organizations is working on helping seniors. Therefore I decided to research on this particular issue in my community, and I found that 64.5% of seniors are living alone in metropolitan area of Atlanta.