Essay on Economic Struggles of the Elderly

3063 WordsFeb 27, 201113 Pages
Abstract The elderly, or senior citizens, have always been considered a vulnerable population, physically, mentally, and socially. This population faces a variety of problems every day including many economic struggles. Older adults and the elderly are facing many financial challenges that may not have been anticipated. In spite of good planning and sensible living, their resources may be sorely compromised, sometimes destroyed. What can be done to help this population through the transition into retirement? There are programs that do assist them including Social Security, Medicare and Pensions, however is it enough? The Social Security Act of 1935 along with Medicare have helped many Americans since they have been around and have…show more content…
In those days, only a handful of workers had access to pensions from their employers or through State governmental pension programs. Over half of America's elderly lacked sufficient income to be self-supporting. Older people during this time who were unable to work were left to depend on family members and local charities for help. The Social Security Act was enacted at the urging of President Franklin D. Roosevelt to create a social insurance program that ensures workers would have a source of income after they retired. This was a major turning point in American history. In the decades that have followed, Social Security has become one of the federal government's most popular and essential programs. In 1935 when the Social Security Act was first created, benefits were made available to 65 year olds who had been working and making contributions into a trust fund. The amount of benefits received were based on how prior earnings and length of work history. Not only did this ensure some security to older adults going into retirement, but it also opened up jobs for the younger workers. Since 1935, Social Security was expanded and amended several times to include widows, spouses, the disabled and the poor. According to the Social Security Administration, Social Security has become the single most important source of income for older adults. Based on their numbers, 37 percent of the income of people aged 65 and older comes from Social Security and for about 20

More about Essay on Economic Struggles of the Elderly

Open Document