Retirement Income Plans

On August 14, 1935 in Austin, Texas, President Franklin D. Roosevelt inked his signature on the Social Security Act. It was originally implemented to resolve problems with unemployment, old age insurance, and public health and welfare. The Great Depression was the catalyst for the creation of the Social Security program, and the basic structure was very similar to Germany’s social insurance programs from the 1880s. Today, social security is mostly used for retired senior citizens starting at the age of 62. At 62, American citizens can begin to collect, but will only receive 35% of their monthly benefit due, rather than the maximum amount of 50% when they reach the full retirement age of 66. (cite) In addition, social security is dispersed to about 14 million disabled people under the age of 62, who can no longer work in the labor force for various reasons. The people who qualify as disabled are just a small percentage of those collecting compared to senior citizens, and are often not mentioned when social security issues are brought up because of their minute effects on social security distribution.

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.

Under the provisions of the Act law of 1935.Which President Roosevelt appoints three-members to run the Social Security Board. Over several years Social Security would be modified on retirement, disability and other aid programs. The government would take on the responsibility of taxing the income of all working Americans and returning the money through numerous public benefits and programs. Social Security benefits refer to all those measures established by the government through legislation that help an individual or household to maintain an income of a certain level, insure income if one 's employment is lost, provide other assistance for disability, old age,

The Social Security Act of 1965 established Medicare and Medicaid which are health insurance programs for the poor and elderly people of the United States. It is funded by a tax on the earnings of employees and contributions by the employers. “It is now broadly apparent that those who opposed Social Security in 1935 and Medicare in 1965 were wrong in their fears…” (Nicholas Kristof  “The Wrong Side of History”).

Lastly, the Social Security Act was one of many reform efforts that sprung from the New Deal. This act was an attempt to provide general welfare for women and their children, those with disabilities such as blindness, older individuals, and public health, and helped financially support them while they were looking for work elsewhere. It was most common with elderly individuals, as they received what is known as “old-age pensions.” This was one of the few reforms that has stayed with us since the New Deal, and was economically successful in bringing America out of the Great

Social security was created in response to the Great Depression. The purpose of it is to protect aged and disabled persons from illness expenses, to give children a chance to grow up healthy and secure, keep families together, and to augment the material needs of individuals and families. The Social Security Act was first passed in 1935 and later amended in 1956 to provide disability benefits. Some programs included under the Social Security Act are: retirement insurance, survivor’s insurance, disability insurance, and some public assistance and welfare services. The Social Security program is meant to provide benefits,social security numbers, and generate its own finances.

A landmark change in providing for the elderly came in 1935 with Franklin D. Roosevelt 's Social Security Act. While this provided aid to people with disabilities and mothers with children, aid was also mainly intended for the elderly. The premise of the act was that an individual would pay into the government through the years that they worked and upon retiring that person would receive benefits. Elderly Americans relied on this system to help pay for expenses that they might incur after they reached an age where they could no

The Employee Retirement Income Security Act (ERISA) is a piece of legislation enacted y the US Congress in 1974, after decades of similar legislation had been proposed and some of which had been enacted, but primarily as a means of addressing gaps in contemporary law and policy regarding employment pensions and retirement accounts (US Department of Labor, 2012). This legislation spells out certain requirements regarding information that retirement plan administrators must provide the participants and beneficiaries so that they can make pertinent decisions or take steps to safeguard their retirement savings, and also places certain guidelines and limitations on the conduct of managers of pension and retirement plans (USDOL, 2012). Government reporting standards and measures to ensure the protection of and proper access to retirement funds are also part of the legislation (USDOL, 2012).

The Social Security Act was implemented in 1935, after the stock market crash had wiped out the savings of millions of Americans, the nation reached out to their president to guarantee the elderly a decent income. The original Act provides retirement benefits payable to a person 65 years and older who were no longer working. There were very few people that had access to pension from their employers and through government pension programs. Most of the elderly lacked enough income to be living on their own without working. The Social Security Act was enacted at the urging or President Franklin D. Roosevelt to create a social insurance program that ensures workers

The social security act was created by President Franklin D. Roosevelt so that he could put in place provisions in order to help the elderly. The social security act a document that helps impoverished citizens, such as the elderly and physically impaired receive benefits after retirement. Citizens’ in America during the great depression where expected to work weather elderly or physically disabled. These citizens weren’t afforded the financial stability to retire so work was a necessity to acquire money. “Prior to social security, the elderly routinely faced the prospect of poverty upon retirement” (U.S SSA). This effect of the great depression led to a lot death and homes turning into singled parent homes with no income. “The widespread

     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

Social Security system provides benefits to retired citizens by taxing the work force on payroll checks. The American Association of Retired People announces, “Maximum Taxable Earnings, in 2012, workers paid Social Security taxes on income up to $110,100. In 2013, the figure will rise to $113,700, based on an increase in average wages.” The AARP shares the maximum taxable earnings from workers has rose since last year. By raising the taxable amount, workers will then be taxed on a higher income. Time states, “People retiring today will be among the first generation of workers to pay more in Social Security taxes than they receive in benefits over the course of their lives, according to a new analysis by the Associated Press.” The analysis shares that many of the newer generation that will retire in the future will be paying more in

Planning for retirement should not be based on Social Security alone, but rather by saving portions of personal earned wages and putting finances into long-term investments. Depending on Social Security as the only income after retiring is an unsafe and undependable way to prepare for retirement. People who contribute to Social Security are mandatorily putting money into the Social Security Reserve; this money is used for older generations that will file for these benefits before the younger people working, in the early 21 century, ever receive a chance. Money controlled by other’s hands will never be a guarantee for a secure future, yet money saved by an individual to put toward personal goals will reward greatly. By taking the time to

A Social Security tax is paid on the first $106,800 of income that is earned but anything thereafter is not exposed to this tax. Taxes that are paid in for Social Security are most commonly known as going towards old-age benefits that are received when retirement age is met. It also goes towards survivors, such as the spouse or young children of someone who has passed, and disability insurance. The taxes paid in for Medicare go towards the medical insurance of those who are over the age of 65 or those who meet other decisive factor. The Medicare portion of the self-employment taxes is not subject to any restriction on earnings and as a result all earning will be accountable for this tax. (Internal Revenue Service, 2011)

     Social Security is the federally administered insurance system. Under current federal laws, both employer and employee must pay into the system, and a certain percentage of the employee’s salary is paid up to a maximum limit. Social Security is mandatory for employees