Case Study Of The Social Security Letter

The impact of all of these options are huge because they affect every American. The options provided here are the 6 biggest options when it comes to Social Security. Now that everyone knows what might happen, lets talk more about the when. In 2010, the amount of money coming in was to small to pay back to people. Interest from the trust bonds was collected to help aid in maintaining full benefits. As a temporary solution, shaving the interest off the bonds would have been a great fix, but the original problem still exists. Nothing has been done to balance the money in to money out ratio. Unless Congress makes some big calls, in 2020, the SSA will be forced to sell their bonds. With the interest already being collected, and now the bonds being sold, the amount of money earning interest would severely drop.

     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

President Franklin Delano Roosevelt signed the Social Security Act in 1935. The aim of the Social Security Act was to give financial assistance to the elderly. The initial law covered only private sector workers. The Government Pension Offset was an amendment to the law passed in 1977 and the Windfall Elimination Provision passed in 1983. These two amendments penalize public service employees like teachers, police officers, and fire fighters. They keep people in the public sector who receive civil service pensions from double dipping into public money. The Social Security Fairness Act would eliminate the GPO and the WEP. These two provisions unfairly reduce or eliminate Social Security benefits for millions of Americans, make teacher recruitment almost impossible, and force some into poverty.

The U.S. Social Security program is designed to aid residents in need through welfare subsidies. The programs are provided by organizations on federal, state, local, and private levels; and help to provide eligible residents with food, shelter, healthcare, education and money. Aid is provided through financial aid for college education, unemployment disability insurance, food stamps, pensions for eligible low-wage workers, subsidies for housing, and health insurance programs for public employees (Feldstein, 2005; Krugman, 2007).

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’.

The United States Social Security Administration (SSA) was founded in August 14, 1935 as an outcome of President Franklin D. Roosevelt's Second New Deal. As an attempt to prevent future destituion such as the one the nation was experiencing currently in the Great Depression, the program guaranteed an income for the unemployed and retirees 65 or older. Franklin D. Roosevelt created this in an "executive order.” The President put this into action by issuing an Executive Order. In the years following, the only changes to the program have been to expand the coverage for workers and increase benefits provided. To this day, the SSA still functions as a major dependency of Americans.

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.

Medicare could be in jeopardy of not existing in the near future, but the number of physicians that have the knowledge is not adequate to provide the necessary care (Archer, 2012). The elderly population will need Nurse Practitioners and Physicians Assistants that are educated in dealing with special needs (Archer, 2012). The rising cost of medicine for the elderly and paying out of pocket.

I would like to see the social security system completely reorganized and a higher retirement age for anyone born after the year 2000. This reorganization would not affect anyone born before the year 2000 in any way. However, anyone that can retire before 2035 will have the option to invest up to twenty-five percent of their current social security withholdings in a 401k type retirement plan. An option of this type would allow the individual to decide where their investment goes and thus reduce the amount that the federal government is responsible for paying out to any retiree that chooses this option. Anyone born after the year 2000, their retirement would be a combination of the two accounts and of the current funds being

The Social Security Trust Fund is underfunded, and so is destined to run out of money by 2035 if current trends continue. Please discuss the major problems affecting the financial underpinnings of Social Security.

The Commissioner of Social Security is responsible for administering the OASDI program and service delivery. They are not there to collect FICA taxes. FICA taxes is performed by the Internal Revenue Service of the Department of the Treasury. The Secretary of the Treasury supervises the preparation and mailing of benefit checks or direct deposits on debit cards and banking accounts. They also provide management and investment of the trust funds. Social Security numbers is an identifiable method used for posting and maintaining the earnings and employment records of persons covered under the Social Security program. Employers are in charge of withholding FICA taxes from their employees’ paychecks. They must forward these amounts, along with an equal amount of employer tax, to the IRS on a regular schedule (Old Age, Survivors, and Disbiilty Insurance, 2016).

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.

Our files show that Mr. Wilson R Bastista-Nunez with his Social Security # 056-88-6963 does not have an account with Popular Community Bank. At the moment there is a not record in our system that demonstrate that Mr. Batista-Nunez had a bank relation with our bank.

Social security, the federal retirement system, is one of the most popular government programs in United State?s history. Today, Social Security benefits are the backbone of the nation's retirement income system. The long road to the successful development of social security began in 1935. Before 1935, very few workers received job pensions. Those workers that were covered never received benefits because they were not guaranteed.

"On a daily basis senior citizens face a choice between buying food, paying the rent, or buying medicine. Senior citizens slice pills into halves because they can't afford