What Role Should Social Security Play In Their Retirement Plan

Social Security has been a very beneficial government program for elderly people, and those whom they support, when being an active member in the workforce is no longer an option for reasons such as old age, disability, or death. Destruction of the program, or worse, lack of the aid, would be catastrophic. Without it, it could leave many senior citizens that can no longer

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.

Social Security Provides Important Retirement Benefits: According to the Social Security Administration, nine out of 10 Americans over the age of 65 receive retirement

Our nation ensures social welfare through Social Security. However, the United States cannot ensure the welfare of its own welfare system. To save Social Security, Americans in general do not favor an increase in the payroll tax, a cut in benefits or an increase in the retirement age. Furthermore, Americans are relying upon Social Security as their sole source of income at increasingly alarming rates. Social Security is intended to supplement retiree income, not account for 100% of it. Through elimination of the potential options, that leaves one necessary action: invest the Social Security trust fund in the stock market.

Those who think that privatizing social security will benefit the citizens who receive it are very wrong. The reason that they think that it will affect social security is because by creating private accounts, it will cause the separate interest rates for the individual person to go up or down depending on the person. This of course is unnecessary because the way it is set up right now, the individuals are receiving benefits that work for the certain situation that the person is in. Many retired citizens are not in financial crisis because of this setup, because there is nothing that is wrong with it. In the last couple of decades social security has completely transformed the way that elderly citizens in our country live their lives. According to Mortimer Zuckerman “roughly two thirds of people over 65 and older depend on social security for at least half their income, and roughly 20 percent rely on it for all their income.” These are pretty promising numbers regarding the way that the American seniors are spending their

For years, Social Security has provided retired, disabled, as well many other Americans with financial security when they lacked or had little income later in their lives. Now, Social Security is being overwhelmed as the American population continues to grow. The Baby Boomers, or the demographic group born in the post- World War II era, from 1946-1964, have been the main reason for the prevalence of this issue. Millions were born during this era and by 2012 they were eligible for the full benefits of Social Security. Two years after that and for the first time ever, Social Security had to draw from its fund and since then they have not collected a surplus of taxes. Recent predictions show that by “2035, the number of Americans over age 65 will jump from today's 48 million to 79 million,” showing that this is just the start of Social Security’s problems to come. By 2035, I will hopefully be in my mid-30’s, wondering if one I would be able to afford retirement and without this system, I’m a bit unsure.

According to the definition, Social Security is a federal insurance program that provides benefits to retired people and those who are unemployed or disabled*( http://www.investopedia.com/terms/s/socialsecurity.asp). The concept of social security was first introduced by Francis Townsend; an American

Social security has been a big part of our nation since 1935 when the great depression plagued our nation. Social security is an independent trust fund and has been since its creation. 1 Social Security Benefits cannot be given out to anyone who hasn't paid into it. No one can receive it as welfare or other types of governmental assistance. 1 Many people think that Congress takes money out of the Social Security fund and irresponsibly uses it. The truth is, congress is using it how they are supposed to be. They are using it to pay people their owed social security benefits and other important government programs. Although the federal debt may be high and respect for congress may be low, they are using it as they should. 2

The Social Security Act was originally one of my New Deal Programs to deal with the instability of retirement in the United States but I saw the opportunity that it could also do more than just that. The good people of the U.S. cannot always control whether they keep or lose their jobs. To combat unemployment rates, the SSA will act as a safety net for people that have been laid-off until they could find another source of income. Money will be taken out of an employee’s paycheck to help pay for Social Security. Two percent of all paychecks will be affected. Older Americans, the handicapped, and dependents were also given the money. In the beginning, about sixty percent of the workforce will be covered by Social Security but I predict that in about sixty years that ninety-five percent of the workforce will be covered. “Initially 60% of the workforce was covered by Social Security (by 1995, 95% of the workforce was covered)” (Franklin D. Roosevelt Presidential Library and Museum - Our

portion of the retiree’s income. In order to provide these benefits to retirees a 6.2% tax

Social Security, on average, makes up the largest part of older people 's income (Novak, 2012.) With Social Security making up such a vast portion of retirement income, yet only maintaining 62% (Mendel &, Schram, 2012) of a person’s pre-retirement income, individuals should utilize Individual Retirement Accounts, and Defined Contribution plans combined with Social Security to avoid poverty in old age.

The Social Security system was created in 1935 to provide income for retirees. Today, 167 million people pay Social Security taxes, and 60 million Americans (retired workers, the disabled, survivors of the deceased, and beneficiary dependents) receive the benefits. American workers pay Social Security taxes on their income through an automatic deduction. However, the taxes that you pay are not stashed away into your own personal Social Security savings account, but rather it pools to cover current beneficiaries. According to the Social Security Administration, as seniors age, they rely more and more on Social Security benefits. Social Security was designed to be a supplement, not the only source of income for Americans, though. I have heard that Social Security will only

     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, the federal retirement system, is one of the most popular government programs in United State?s history. Today, Social Security benefits are the backbone of the nation's retirement income system. The long road to the successful development of social security began in 1935. Before 1935, very few workers received job pensions. Those workers that were covered never received benefits because they were not guaranteed.

Planning for retirement should not be based on Social Security alone, but rather by saving portions of personal earned wages and putting finances into long-term investments. Depending on Social Security as the only income after retiring is an unsafe and undependable way to prepare for retirement. People who contribute to Social Security are mandatorily putting money into the Social Security Reserve; this money is used for older generations that will file for these benefits before the younger people working, in the early 21 century, ever receive a chance. Money controlled by other’s hands will never be a guarantee for a secure future, yet money saved by an individual to put toward personal goals will reward greatly. By taking the time to