The Problem Of Social Security

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.

The impact of all of these options are huge because they affect every American. The options provided here are the 6 biggest options when it comes to Social Security. Now that everyone knows what might happen, lets talk more about the when. In 2010, the amount of money coming in was to small to pay back to people. Interest from the trust bonds was collected to help aid in maintaining full benefits. As a temporary solution, shaving the interest off the bonds would have been a great fix, but the original problem still exists. Nothing has been done to balance the money in to money out ratio. Unless Congress makes some big calls, in 2020, the SSA will be forced to sell their bonds. With the interest already being collected, and now the bonds being sold, the amount of money earning interest would severely drop.

You’ve spent a lifetime paying into Social Security, and you may not have ever noticed because the money is taken directly from your paycheck each pay period. When you’re thinking about retirement, though, it’s important to understand your Social Security benefits so you can plan for the future. Able Advocate For Social Security Claims, based in Honolulu, HI, has been helping Hawaii residents navigate the system and get the Social Security benefits they deserve in a timely manner.

In the essay, “The Social Security Problem,” published in Sticks and Stones and Other Student Essays, Max Moore addresses the complex issue of Social Security running out of funds. He also addresses the possible actions that can be taken in order to provide a solution to this problem. Moore targets different audiences that are either directly affected or in control of this depletion of funds. He uses credible evidence to support his claims while also approaching the subject in a balanced and unbiased manner. Moore wants Social Security to both raise the retirement age and raise taxes.

John F. Kennedy once said, “Change is the law of life. And those who look only to the past or present are certain to miss the future.” America has always had its challenges when facing economic issues; however, the government has the tendency to avoid the reality of what approaches in the future. There have been several attempts of reform for these types of economic problems. Nevertheless, most have not been successful, and time is running out. One of those issues is the graying of America. What is the graying of America? It is the demographic trend consisting of all the baby boomers that are aging and getting closer to retirement. Even though it does not seem like an area of concern, there are many

The Social Security program is based on contributions that workers pay into the system. While you are working, a portion of

Aging Americans, like other age groups, are feeling the effects of the declining real estate and stock markets, as well as soaring fuel and food prices. Seniors’ economic security will only increase in importance as the U.S. population ages. The nation’s health and social services resources will face unprecedented demand as 75 million people in the baby boomer generation reach retirement age—some with eroded savings and retirement accounts. Aging people of color are more likely than white

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

     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

Roosevelt and his Economic Crisis Committee, in 1935, came up with the simple idea of providing benefits to the generation of retired workers from tax money of currently working generation. Roosevelt put this straightforward idea into the system to make it work, and it surprisingly has worked out well so far. When the bill became a law in 1935, there were many people who were affected by the Great Depression and sought financial aid. Unlike the bank money that goes in loans and still depositor have access to the money; Social Security System passes out collected money immediately into benefits (“Social Security System”). This way, the working generation will always provide enough money to the fund. Rather than providing money from government fund, idea of benefiting citizens from their own money didn’t receive

     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

To understand what the retirement earning test is and how it works, you must first understand how social security works. Social security in the United States of America is a program run by the government that provides income to millions of Americans who cannot work due to retirement, disability, or death (nasi.org). However the true function of Social Security is to provide supplemental income to people after retirement. It roughly replaces 40% of average worker’s income after retirement, requiring many social security receivers to continue working after their normal retirement age. How it works essentially is workers’ pay part of their income into a pool, that immediately gets disbursed to citizens getting benefits right now. They sacrifice a slice of their paycheck in the present, to be able to claim benefits when they go into retirement. The social security system has been changed constantly over the years. One thing that has not changed over the years, is the ability to claim benefits early.

"On a daily basis senior citizens face a choice between buying food, paying the rent, or buying medicine. Senior citizens slice pills into halves because they can't afford

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