Social Security

999 WordsDec 6, 20154 Pages
Social Security History, Current Structure and Calculation of Benefits 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…show more content…
The U.S. needs to help their people first before helping others. If the government would make cuts in foreign aid it can save million sof dollars, this doesn’t completely solve the future deficit of Social Security but it helps from the government having to borrow more money from it. Social Security is more than a retirement program because you may receive Social Security if you are disabled, a spouse or a child of a worker whom passed away, a dependent parent of someone whom passed away. Depending on the situation you may be eligible for Social Security at any age. Social Security in fact pays more benefits to children than any other government program (2015, June 1). The benefits of Social Security are retired worker, survivor benefits , disability and Medicare. Average monthly benefits for retired worker is $1,328, retired couple $2,176, disabled worker $1,165, disabled worker with a spouse and child $1,976, widow $1,274 and widow with two children $2,680. Medicare has several parts to it, hospital insurance helps pay for inpatient hospital care and certain follow ups (Part A). Part B helps pay for doctors’ services, outpatient hospital care and other medical services. Part C is Medicare advantage plans that are available in many areas, people with parts A

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