Social Security Is The Nation 's Largest Federal Program

1923 WordsDec 12, 20148 Pages
With a federal yearly budget which exceeds six hundred and twelve billion dollars and makes up more than one-fifth of the Federal Budget, Social Security is the nation’s largest federal program (Moody, 2012). Often, people are prompted to think of Social Security as a retirement program; however it is far more than that, for it provides for more people than just those who are retired. It provides for the disabled, for spouses or child of worker who has died, and for dependent parent of a worker who has died. Hence, depending on an individual 's circumstances, one might be eligible for Social Security at any age (Young, 2010). The money to fund Social Security comes from almost everyone who receives wage or salary (Moody, 2012). An individual pays Social Security taxes on their earnings up to a certain amount, in 2013 it was $117,000. Hence, it is a “pay as you go” system in which individuals pay into the system and upon their retirement they are able to begin collecting (Social Security, 2014). With the older population there is one problematic issue surrounding Social Security-- dependence on it. While Social Security is meant to help the aging population ensure financial security, enabling them to retire with dignity, it is not meant to be the only source of income for individuals who retire. It is important to understand this because one issue surrounding Social Security is the very idea that there are people who reach the age of retirement without saving money-- with
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