Social Security : A Federal Insurance Program

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.

The social security deficit is one that consumes the economy in the greatest way possible, whether man is aware of it or not. Social Security is an insurance plan the working class earns their beneficial coverage due to their work hours and tax paying on their earnings. The program is for the disabled and for those who can longer work due to health issues, or because of the retirement age that is required to have reached and some have met. To solve the social security dilemma some of the actions that could be taken into consideration could be to: 1) gradually increase the retirement age for the full age of benefits to thirty-one percent, 2) reduce the cost of living adjustment by half of a percentage point making it to forty percent, 3) reduce benefits by five percent, and 4) using “progressive indexing” to reduce benefits for future retirees to thirty-one percent.

The entitlement programs we have today are carefully-crafted and are easily changeable with our economy and financial state. Entitlement programs in America have been constantly adjusted over time in order to keep up with society and the growing economy, providing sustainability when it comes to addressing all citizens in the US. The constant changing and strengthening of entitlement programs has proven to be very important in lowering the unemployment rate and keeping criminals off the street. Financial and demographic programs all around the country have been changed and adjusted over the years to maximize the amount of money it can distribute to American citizens. For example, automatic cost-of-living increases did not even exist in Social

Americas Social Security is running out! According to Social Security and Medicare Boards of Trustees “Projected long-run program costs for both Medicare and Social Security are not sustainable under currently scheduled financing, and will require legislative modifications if disruptive consequences for beneficiaries and taxpayers are to be avoided.” (Social Security Online). Other evidence shows “After 2022, trust fund assets will be redeemed in amounts that exceed interest earnings until trust fund reserves are exhausted in 2036, one year earlier than was projected last year.” (Social Security Online).

portion of the retiree’s income. In order to provide these benefits to retirees a 6.2% tax

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.

This report was written on November 20, 2015, by Brittney Bowman, using sources from the VU library website. In this report, I will discuss the presently debated topic of the future of the Social Security program. I will do this by providing information on the history of the program, exploring the current standing of the program and its related uncertainty, and discussing the future of the program. The purpose of this report is to fulfill the business report assignment requirements by exploring the future of Social Security and what events have brought the program to where it is now. The problem with this issue is that due to conflicting information being reported, the current state of the Social Security program is unknown and is rumored to be running out of funds with the program reaching bankruptcy in the very near future. However, this is still debated upon between groups on whether the program is actually going broke. Regardless, the Social Security Program has been a very common source of income for retirees for nearly a hundred years and it will very soon need to be revitalized to accommodate growing need and demand.

Social Security is a federal insurance program that provides benefits and assistance to retired people and those that are unemployed or disabled.

Expansion of privatization can be used to save money. President George W. Bush wanted to privatize Social Security, President Obama wants to privatize the military, and on the state level former Louisiana Governor Bobby Jindal privatized Medicaid. Everything is about money.

My sole intention in this writing is to contend for the continued existence and necessity of Social Security in America, and for whom, and when it was legislated. I have constructed and presented information in this paper as an overview of the necessity of maintaining Social Security in America. My objective is committed to contradicting destructive opinions of Social Security being “just another entitlement program” which could/should be eliminated. In addition, to achieve this objective it is paramount to divulge what the Social Security Administration (SSA) is and who is directing the operation and governing at the Social Security Administration presently. For instance, the SSA has the responsibility for making sure the legislated laws and

The issues surrounding the system of social security are beginning to form a powder keg that is waiting to explode. Problems that continue to build will only present a greater threat in later years than they do now. The “baby-boomer” generation is too large of a size to be supported by social security with how it is currently structured. If we continue down this path, by the year 2037 Social Security will only be capable of funding seventy-five percent of its obligations (Matthews, NOLO). To solve this issue, we have been presented with multiple proposals from AARP and have chosen three of our favorite ideas to justify changes to Social Security in order to close the funding gap and create overall benefits for future generations to

Social Security is what keeps many elderly and disabled Americans from being stricken by poverty every year. Without Social Security in our society 15.3 million elderly would have incomes below the poverty line, however after Social Security was added to the equation only 3.8 million elderly have incomes below poverty. What happens in the insurance program is that you work for most employers and pay social security taxes. Some employers can opt out of the program e.g. universities, governmental agencies and religious

The Social Security program is the largest single government program in the entire world. In 2014, of the $3.5 trillion of United States federal spending, Social Security accounted for 26%, or $906 billion. In 2010, the trust fund began paying out more in benefits than it was collecting in employee taxes. Because of this, the program is expected to be completely out of money by the year 2033. Something needs to happen, and very soon. The solution is the privatization of Social Security. Because the program is soon to be insolvent, Social Security should be privatized so people can invest into individual accounts and potentially generate better returns than can be offered by the current system.

Social security is a great insurance policy it doesn’t give total financial security it’s just a layer of financial support as the textbook states. In some cases, people mistakenly regard social security benefits as a differentiator as just one of many investments that should try to maximize not knowing it is an investment however it doesn’t change with the market like 41K plans & other stock market reliant investments. Furthermore, some people believing if you take an early retirement you’ll be able to make more use of your investment not knowing that in some cases, if benefits are delayed there’s a possibility that their investment will increase up to %8 in some cases.

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