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, …show more content…
Our Social Security program mainly help out with older citizens and retirement but Social Security is more than just a retirement plan. The program helps families where a parent die and there is no type of income, a worker who has been disabled, and a dependent parent. If there were some type of circumstances in one home or life, they would be able to receive Social Security at any age. There is no doubt in my mind that we should save this program, no matter the cost, it helps out so many people in ways that we may not know of. Take some time and think about the world if this program had never been created and image how many people would be in poverty, unemployed, and old people who are not being able to pay for medicines or supply that they need. We should not change anything in the Social Security program until an crisis acquire, and when that day comes we will already know what to do to improve it by changing certain things in the
Social Security has been a very beneficial government program for elderly people, and those whom they support, when being an active member in the workforce is no longer an option for reasons such as old age, disability, or death. Destruction of the program, or worse, lack of the aid, would be catastrophic. Without it, it could leave many senior citizens that can no longer
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.
It’s a matter of either losing all that you have worked for and live in poverty when retired or allowing your hard earned dollars to grow and have a secure comfortable retirement. I believe that Social Security is a doomed Government Program and that Privatization of Social Security would allow for a more secure retirement plan for all Americans. Social Security was first created to help aging Americans in their senior years so they would not end up in poverty. Social Security was signed in as law on August 14, 1935 by President Franklin D. Roosevelt and was fully operating by 1940 (SSA). Originally a retirement program, but Social Security now includes survivor benefits, disability benefits and Medicare and all together is the largest
For many years the social security program has been operating successfully. In recent times however, it is becoming apparent to some that social security is in need of reform. Their argument is that with the amount of people getting older in the next couple of decades, there will not be enough money left in the social security reserves to pay for everyone who needs it. That is why the idea of separating social security up into private funds has been brought to the attention of the American citizens. This idea of reform has been around for quite a long time; however it has been pushed on by pro reform supporters more in recent times because they think it is necessary for the
Many pros and cons arise with this option of Social Security reform. With other options the government takes the risk, but with privatization it is a personal risk. When account holders reach retirement they are able to withdraw from the account and use the money as they see fit. Government does not control the amount or what the account holders use the money for, leaving recipients with the choice to spend as much of the money as they wish and as quickly as they want. With no control over the usage of savings, this defeats the purpose of Social Security as a “safety net”. The biggest downfall to this reform is the transition period. Not only would the transition be a high cost, but those that are closest to retirement could be left with smaller savings in their private account. If young workers create private accounts then they are not supporting current retirees, and they are not receiving what they should be (Mitchell 2011). Another concern is that not all recipients will end up with a fair amount of earnings in their account. Such
By understanding the benefits of Social Security, every American would learn that millions of seniors depend on it to survive. Cutting Social Security could a part of a grand bargain to trim deficits, but Democrats have ruled out such cuts in the budget. America is in the
The Social Security Act of 1935 was passed in order to provide for elderly citizens who could not provide for themselves. Through this system, working citizens would pay into the system to provide for citizens aged 65 and older, and then when they reached the age of 65 they would be cared for as well. This system continues today, but as the life expectancy of citizens increases, many wonder if the Social Security cut off age should be raised to 70. It should. The fact of the matter is that the average 65 year old does not need their social security check in the way they did in 1935, so the system shouldn’t be wasting its finite resources caring for them.
It’s a matter of either losing all that you have worked for and live in poverty when retired or allowing your hard earned dollars to grow and have a secure comfortable retirement. I believe that Social Security is a doomed Government Program and that Privatization of Social Security would allow for a more secure retirement plan for all Americans. Social Security was first created to help aging Americans in their senior years so they would not end up in poverty. Social Security was signed in as law on August 14, 1935 by President Franklin D. Roosevelt and was fully operating by 1940. Originally a retirement program, but Social Security now includes survivor benefits, disability benefits and Medicare and all together is the largest
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
Established by the federal government in 1935, the social security system is currently one of the most costly items in the federal budget. The purpose of the system is to provide for Federal old-age benefits, and to enable social insurance and public assistance. The proposal of moving to an entirely new system would give the people living in the United States their own individual authority of controlling their own investments. If social security does not become privatized; the system itself will turn unsustainable, the retired and disabled will not fully receive their earnings; and the people of the United States will continue to have no control over their investments.
It was the year of 1934. America was fighting to come out from the worst economic crisis that the world would ever witness. It was also the year of high crime rate, low Gross Domestic Product and the lowest unemployment rate America had experienced. The Depression had paralyzed American labor forces, but there was a hope still alive in every American including J.D. Rockefeller when he said, “These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again” (Rockefeller). At that time, the next president named Franklin D. Roosevelt, famous as FDR, brought Americans back to work through his confident efforts and new series of programs called ‘the New Deal’.
I understand your point on the Social Security Act, but do not agree that the Federal Government should provide the support. I think government intervention should be the last resort and not an automatic action based on age. The only way Social Security will work is if people can only take out what they put into the program. Since there will be older people who did not have a chance to put into the program before it started the program will not be financially stable and will always run behind.
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
To understand what the retirement earning test is and how it works, you must first understand how social security works. Social security in the United States of America is a program run by the government that provides income to millions of Americans who cannot work due to retirement, disability, or death (nasi.org). However the true function of Social Security is to provide supplemental income to people after retirement. It roughly replaces 40% of average worker’s income after retirement, requiring many social security receivers to continue working after their normal retirement age. How it works essentially is workers’ pay part of their income into a pool, that immediately gets disbursed to citizens getting benefits right now. They sacrifice a slice of their paycheck in the present, to be able to claim benefits when they go into retirement. The social security system has been changed constantly over the years. One thing that has not changed over the years, is the ability to claim benefits early.
The Social Security System is in need of a new reform; our current system was not designed for the age stratification we have at this time. The U.S. Social Security Administration Office of Policy states, “The original Social Security Act, signed into law on August 14, 1935, grew out of the work of the Committee on Economic Security, a cabinet-level group appointed by President Franklin D. Roosevelt just one year earlier. The Act created several programs that, even today, form the basis for the government's role in providing income security, specifically, the old-age insurance, unemployment insurance, and Aid to Families with Dependent Children (AFDC) programs.” Social Security was modeled to aid the elderly citizens, however during the