Social Security Issue Analysis

Stephen Goss, the Chief Actuary of the Social Security Administration once said, “The concepts of solvency, sustainability, and budget impact are common in discussions of Social Security, but are not well understood.” Social Security is an important federal program that provides a stable source of income to individuals who no longer have a constant salary due to retirement, disability, or death. This program, not only keeps millions of families out of poverty, but it also plays a vital role in the national economy. According to the research report, “Social Security’s Impact on the National Economy”, by Gary Koenig and Al Myles, Social Security supports millions of jobs. The importance of this program is clearly evident in both the national economy and in the economic stability of each individual state. However, the future of the Social Security program does not look very stable and the right decisions need to be made in order to ensure the solidity of the nations’ economy.

For over 80 years social security has provided Americans with money after they reach the minimum age requirement. This money has provided retirement money for millions of people across the country but is now in jeopardy. To get an understanding of the current and future situation of social security it’s important to understand what social security is, when it was created, why it was created, and also how it has performed since it was created. After getting an understanding of social security I will then talk about the current state of social security including problems with it and the different arguments that are being made about what should be done with social security. The problems and current situation of social security will also be

After its passage on August 14, 1935, Franklin Delano Roosevelt regarded the Social Security Act as “a cornerstone in a structure which is being built but is by no means completed” but whose purpose is to “take care of human needs and at the same time provide for the United States an economic structure of vastly greater soundness.” The very opposite of soundness, however, was achieved. Today, looming deficits and abuse of the program have left it the focus of many debates. At their conclusion, the discussions generally only point toward making it more difficult to receive the money you put in, back, and raising taxes drastically on those still working to provide benefits for the disproportionate amount of retirees. Its problems are vast, but a permanent solution has yet to be decided. Far less discussed, however, is if the program itself is worth saving. Because of

Social Security is facing pressure to lower benefits… due to longer life-spans, an overall population increase …the Baby Boomers beginning to reach retirement age, and the increase in the number of people receiving Social Security and Medicare benefits. If the system continues as-is, the total benefits will eventually surpass the amount of taxes paid into the system by younger workers. If the system is not altered at some point full benefits will not be paid as promised. (13)

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

as longer lifespans, if Americans are living longer but the average retirement age is not

Since the very implementation of Social Security in 1935 during the time of the Great Depression to present day, it has been a never-ending source of controversy. As mentioned by Nancy Niles, Social Security was considered “old age insurance” (Niles, 2011, p. 9). It was designed to help older Americans, workers who become disabled, and families in which a spouse or parent dies (Niles, 2011). Not only has Social Security played a very essential role in the lives of many Americans throughout the years, but has also been very important to the economic security of the United States of America.

The United States of America is one of the most diverse places in the world. We all share different cultures, beliefs, and problems; nevertheless, economic security is a universal, human problem that each society has had to encounter in some way. The term “social security” was introduced to the United States in 1935, during the Great Depression, when the Social Security Act was passed. Social security has created about 16 social welfare programs over the years. These programs were developed to give millions of Americans a sense of economic security and to show that the government cares about the well-being of their own. The most popular programs under the Social Security Act are Old-Age, Survivors, and Disability Insurance (OASDI) and Medicare and Medicaid Programs. These programs have greatly influenced the lives of many United States citizens and allow our people to feel secure.

Hoffman, M. R., & McKenzie, K. S. (2014). The Reality of Social Security: If Reform Doesn't Happen, What Must Each of Us Do?. Journal Of Accounting & Finance (2158-3625), 14(2), 124-134.

Plagued by a persistent barrage, an influx of incoming baby boomers who have sparingly parceled out a portion of their hard-earned fortunes year by year to support their preceding generation, so that their elders may continue to live free, prosperous lives as these elders had ensured for the generation before theirs, the United States Social Security program has acted as a self-financing aid to the nation’s retiring populations since its inception in 1935 as part of a plan to revitalize our nation under the New Deal- a program run by America’s incumbent workforce. Indeed, through stabbing Social Security tax increases, and the uncertainty of The Great Recession in 2008, it was finally their turn to receive the benefits they had paid into for so long; America’s largest

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 issue is not necessarily the baby boomers retiring but the working class to the retiree ratio (The Future Financial). As of 2014, the United State has payed a sum of nine-hundred and six billion dollars in that year (Procon). The other half of the retirement program is made up of disability benefits. Early American workers have a twenty percent chance of becoming disabled before their retirement (United States). Disability benefits have made up a large portion of social security benefits to former employees with partial and full disabilities. There must be some solution to this issue and it must occur readily early as to prevent future issue for incoming beneficiaries. There are many options in order to make social security solvent for future generations pass the year 2037. Increase payroll taxes, change the retirement age, privatize social security, or continue without any reformation are some preferences by

Growing up as a kid, not so many young people knew much about Social Security. Some kids might have believed that is was just a nine digit card that their parents kept until they were old enough to take care of it, others knew that it was much more. Social Security is a certain percentage that comes out of your paycheck and into a system. Once it’s in the system the government uses that money that was taken out for people with certain benefits. For example, people with disabilities, foster kids and the one mostly known, retirement. Once retired, in order to receive these benefits, these people must establish that they worked the set amount of years, and also prove that the person is of the qualifying age. Due to the economy taking a big hit back in 2008 the process for obtaining your benefits has become more and more tedious. Due to this struggle, retirees will begin to worry about whether or not they will ever get the benefits they so rightfully earned and also if their rates are going to shift. Because of

     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

Early retirement has been around since the inception of social security. The age requirements have constantly changed over the years. The government at first had stricter requirements for receiving Social Security such as very high retirement ages, and over the years it has been liberalized so access to Security is much easier. The FRA (Full Retirement Age) is constantly changing compared to static early retirement acceptance window.