The Importance Of Paying Social Security

Social Security today is a little different from the original version of the Economic Security Act that should have been. Social Security pays for much more than can be afforded. If Social Security’s net worth is exponentially decreasing. While many citizens believe that the amount one puts into income tax is the promised amount back in Social Security payout this is not the case. The amount one receives is dependent of the working class during one 's retirement which is no different from the original plan besides the fact that the money is no longer going directly to persons but is divided into many federal projects and then the rest given to persons. This dividation of wages only leaves portions of what many citizens believed promised to them goes to building a new bridge in a

(Life Expectancy) This means, on average, people are around 13 years away from death by the time their social security kicks in. While many people could probably use the help provided by Social Security at this age due to their weakening bodies, they clearly are a much broader demographic and, on average, in less need of support from the program. Many people reaching retirement age in the modern day are still active and take up hobbies. (Novak) Clearly they can still provide for themselves by working. It should not be the job of the government to provide for people who do not need the

America is fortunate to have benefits available to help retirees, the disabled, survivors, and dependents. The benefits are made up of taxes taken from the working class people and distributed by a circulation of calculations. In Joseph and Dorothy Matthews book Social Security, Medicare &

Social Security, as we know it today, began as the “Economic Security Act” in 1935, and it wasn’t until later that activist Abraham Epstein coined the phrase “Social Security”. In its earliest form, the government paid benefits only to the primary worker in the household, but in 1939 the act was rewritten to include survivor’s benefits for spouses and children. The very first recipient of social security received 17 cents, paid to him in January 1937. The first person to receive monthly benefits began to do so in 1940. In the three prior years, this person had contributed a total of $24.75. By the time of her death in 1975 (at the age of 100) she had collected $22,889 (http://people.howstuffworks.com/social-security-number6.htm). By contrast, the first person to ever be issued a social security number (in 1936) died in 1974 at the age of 61 without ever receiving a single social security payment (however, his widow did). This is the “math” of social security and it doesn’t always add up in a logical way.

The economy effected Social Security’s projection that it would collect $45 billion less in payroll taxes in 2011 than it pays out in retirement, disability and survivor benefits, according to the nonpartisan Congressional Budget Office (CBO). That number almost tripled to $130 billion when the new cut in payroll taxes was included (The Fiscal Times Staff). CBO said in 2010 that Social Security would post surpluses for a few more years before permanently slipping into deficits in 2016, (Associated Press) which again had changed because of the slower economic recovery. “Social Security law requires program spending to match revenue, so a lack of action by lawmakers by that time will mean benefits will have to be cut 23 percent -- or the Social Security payroll tax increased to 16 percent, or a combination” (Armstrong and Faler).

According to the Social Security Administration “The future is uncertain in many respects, and on new information, projections of the financial status of the Social Security program vary somewhat over time. What is virtually certain is that the benefits that almost all Americans become entitled to and most depend on will be continued into the future with modifications deemed appropriate by their elected representatives in the Congress” (Goss, 2010). With that said and the funds in the system depleting the issue now becomes what is the solution/reform for this issue and who will pay? Or where will the funding come

Social Security was established as a promise to the people of continuation of income into retirement. Well the road to hell is often paved with good intentions, because that promise now has the country in economic uncertainty. The guarantee that workers will be taken care of in their old age if they paid their Social Security tax, is no longer guaranteed. If we don’t come to a unanimous decision as to a plan of reform; financially our country is doomed.

The Social Security act was put into place to help the people over the age of 65 to live life with a supplement after they retire. The money taken away from their weekly wages would be put away till this time. This money is called a Social Security tax. “The Social Security Act, signed into law by President Roosevelt on August 15, 1935, was the major legislative achievement of the New Deal. It was a landmark in American political and social history, reflecting a public commitment to the economic rights of people and, consequently, extending federal responsibility for social welfare.” (Axinn & Stern, 2012) When you retire you can draw from this money you have worked for, if you pass away your wife or children are entitled to these earnings left by the worker. One of the most differences between now and in the past regarding Social Security is the coverage. People in the past were not all covered regardless if they were working because of the cost and lack of benefits available.

Social Security is a program is a way to make sure all Americans have a retirement and can be taken care of when they can no longer work at least that's what I was taught growing up but the more I look into it the more I think it will not be around its on the news that Social Security Is running out of money and that it might be privatized with all the information out there it is very hard to find out what is actually going on with a mandatory system

Social Security is the foundation that provides economic security for certain Americans including those who are disabled, retired or the family members of those who are. Most don’t realize it, but by the age of twenty there is a twenty-five percent chance that you may become disabled before retiring. Therefore, this foundation is pretty important. The Social Security Administration pays disability benefits through SSDI and SSI programs.

There is much-heated debate on the issues of Social Security today. The Social Security system is the largest government program of income distribution in the United States. People are concerned that they won't see a dime of what they worked so hard to contribute into the Social Security system for so many years. Social Security provides benefits to about forty-three million Americans. Not only to retired workers, but also to their spouses and dependents of the workers who die prematurely. It also provides benefits to disabled workers and their dependents. Social Security appears to most people like a simple retirement saving's account. After all, you generally contribute through payroll

     There is much-heated debate on the issues of Social Security today. The Social Security system is the largest government program of income distribution in the United States. People are concerned that they won't see a dime of what they worked so hard to contribute into the Social Security system for so many years. Social Security provides benefits to about forty-three million Americans. Not only to retired workers, but also to their spouses and dependents of the workers who die prematurely. It also provides benefits to disabled workers and their dependents. Social Security appears to most people like a simple retirement saving’s account. After all, you generally

Social Security was designed to replace less than half of someone’s preretirement income. The 70 percent left over should be based on that person’s savings for retirement. The retirement age is sixty-seven, and there are benefits for retiring at the age of seventy. On the other hand, early retirement, which is at the age of sixty-two, is an option as well. If someone were to have an early retirement, his or her monthly benefits would be reduced. Having a steady income throughout a working career will greater the chances of receiving surpassing benefits. Social Security payments are usually done electronically through direct deposit.

It has since been amended and expanded to include other financial support measures like Medicare, Medicaid, the State Children’s Health Insurance Program (SCHIP), and Supplemental Security Income (SSI) ("The Successes and Failures of Social Security." fff.org). The number of beneficiaries grew from about 222,000 at the end of 1940 to over 3 million in 1949 (McSteen, Martha A. "Fifty Years of Social Security" History. ssa.gov). It continued to expand so that by the mid-1950's, 20 years after enactment of Social Security, the protection offered under the program was available to 90 percent of workers. Today, 59 million people get Social Security benefits of more than $72 billion a month collectively ("Social Security." Administration: Basic

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.