Essay about The Social Security Program

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Introduction Social Security provides for the needs of a country’s citizens when they are no longer able to provide for themselves through gainful employment, is an issue that evokes multiple viewpoints. Before laying the framework of the argument for meaningful change to social security program, the program itself must be defined. The Social Security Program is based on the premise during your productive working years you pay a percentage of your income as a tax into the social security system, at some point in the future either by retirement or disability you or your beneficiaries (dependents, children, or survivors) receive monthly benefits; based on your reported earnings (United States Government, 2014). As actuaries, policy makers,…show more content…
The OASI Trustees’ 2012 report estimates that an additional 1.75% of payroll tax would fund the current and future generations’ benefits at the current level (The Board of Trustees, 2012). The report further states that a reduction in benefits for future generations, not past or current generations must also come into effect (The Board of Trustees, 2012). The report however highlights that an optional additional level of pay in should be created, allowing persons of future generations who would like to maintain the current benefit level to do so (The Board of Trustees, 2012). The final step to making social security structurally viable is the restructuring of its debt; to past generations by allocating 2% of current payments towards it exclusively (Gokhale, 2013). With these changes past, current, and future generations can continue to benefit from social security, while the program stay’s true to its core values of providing persons with the minimum level of income, when they are no longer capable of working due to their age. The final structural change that will improve the viability of social security is raising the age requirement to receive the full benefits of social security. The obvious effects of lifting the age requirements is the number of payments to individuals is reduced, the number of persons
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