Social Security History

The Social Security system is perhaps the most successful government social insurance program in the nation 's history; and began with the Social Security Act in 1935. Social Security is a needed federal system that encourages income stability to millions of people across the United States. This is accomplished by giving a stable flow of income to replenish lost wages that occur as a result of disability, retirement, or death of a family member. There are about 59 million people in the U.S. that receive Social Security. Most of them are the required 65 years of age or older. Sadly about half of the 59 million people rely solely on Social Security to pay their bills and everyday necessities.

Social Security Provides Important Retirement Benefits: According to the Social Security Administration, nine out of 10 Americans over the age of 65 receive retirement

The first social security program did not form until 1935. After 1935 the civil war had ended but had left hundreds and thousands of widows and orphans as well as disabled veterans. Right after the war the rate of disabled veterans increased. Many people that were once bread winners had lost it all, which brought upon a generous pension plan. This pension plan had close similarities to the development of social security (Armstrong, 1932).

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,

My first source is the annual report to Congress on Title XX of the Social Security Act. I found it in the government documents section of the library among other economic government sources. This source contains various details about the program form the 1980 fiscal year. The details of the program are quite extensive, but the true value of this source comes from the executive summary. In this summary there is a description of funding for social security over the past five years. The 1980 fiscal year was the first year in which funding dropped. Coincidentally 1980 is the same year that Ronald Reagan was elected President. This source is a clear example of his plan to cut spending in order to reduce spending. This source is one of the first

Hopefully we will all be physically able to work until the age of 65, collect retirement and Social Security and live an enriching life until we leave this world. Not all companies financially support their employees with fully funded retirement plans so it is left up to the individual to actively participate in saving for their future. When someone reaches retirement age, if the finances are there, they are usually only a fraction of what they were making as a full-time employee. This is when one hopes of having Social Security and Medicare benefits to supplement our retirement income for a more stable financial future.

     Social Security is a public program designed to provide income and services to individuals in the event of retirement, sickness, disability, death, or unemployment. In the United States, the word social security refers to the programs established in 1935 under the Social Security Act. Societies throughout history have devised ways to support people who cannot support themselves. In 1937 the government began issuing Social Security identification cards to all citizens. Each card had a unique number that the government used to keep track of a person’s earnings and the taxes collected from those earnings that went to finance Social Security benefits. The Social Security Act is an act in which

The Social Security Act was enacted by President Franklin D. Roosevelt in 1935 to help seniors who were broke from the stock market crash in 1929. He wanted to build a safety net to ensure that every senior would stay above the poverty line and that there would be support for every worker’s family after his or her death. Today, Social Security does do that, but only barley, for many folks. (Epstein, 2006) Social Security was not the first retirement plan that was put into place in 1795 Thomas Paine introduce a pamphlet named Agrarian Justice where he suggested a system of inheritance taxes. His plan was for the tax of 10 percent on inherited property would be put into a special fund. It would be paid out as a one-time stipend to citizens just starting out at age 21, and as an annual benefit to everyone age 50 and older to protect against poverty in old age. Paine’s idea was never adopted even though inheritance taxes eventually were.

After a formula is applied to these earnings, they arrive at the basic benefit, or “primary insurance amount,” that the applicant would receive each month once they reach the ages of 65-67. It is also possible to start receiving monthly benefits early, at the age of 62. However, the monthly payments will be reduced. Payment amounts can also change if the applicant decides to delay their retirement past the standard retirement age. By doing this, Social Security benefits will increase by a certain percentage until retirement or the applicant reaches the age of 70 (Your Retirement Benefit, 2014).

The Social Security Act of 1935 was an important milestone in United States history to protect the elderly and disabled. It was the first and largest social safety net created to aid the vulnerable. Current workers pay taxes in order to provide for those currently drawing benefits. This system works fine when things are in balance but runs into a shortfall when a larger portion of the population is drawing

Roosevelt and his Economic Crisis Committee, in 1935, came up with the simple idea of providing benefits to the generation of retired workers from tax money of currently working generation. Roosevelt put this straightforward idea into the system to make it work, and it surprisingly has worked out well so far. When the bill became a law in 1935, there were many people who were affected by the Great Depression and sought financial aid. Unlike the bank money that goes in loans and still depositor have access to the money; Social Security System passes out collected money immediately into benefits (“Social Security System”). This way, the working generation will always provide enough money to the fund. Rather than providing money from government fund, idea of benefiting citizens from their own money didn’t receive

The financial solvency of the social security program has been in question for some time. According to analysts, the Social Security Retirement fund has enough funds to pay full benefits until 2034 (http://www.therubins.com/socsec/solvency.htm). It sounds far off in the future, but in reality that is only 19 years away! In that time, I

The Social Security System runs on the laborer contribution to the trust fund. For the example, when individuals are working, he or she required to contribute into the Social Security Fund: so later in their life when it's their time to retire, they can receive benefits from the social security fund. It has been helping retirees to meet their monthly expenses. The social security policy is a successful intergenerational program that has been serving American aging people for many years. Although, since 2010, the social security trust fund has been paying out more than what they receive through employees. Which is why many experts predict that system will work till 2037.

Eventually everyone wants to retire. In order to do that we need to make and save enough money to live on, but not everyone has the luxury of having financial stability. Since the mid-1930s, the government has tried to ensure that everyone should at least have some income after leaving the workforce. This plan is known as Social Security. Initially created during the New Deal, it was a compassionate program to help prevent elderly people from being destitute and was founded on a sound economic model. However, the government’s failure to predict life expectancy and demographic changes, program expansions to include people with disabilities, and other added benefits have made the program much more expensive and will eventually put Social Security

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