The Problem Of Social Security - 1534 Words

Social Security Benefits The Problem Social Security Faces: The concept of the â€Å"graying of America† is becoming a more pressing issue as the baby boomer population is coming of age to retire. Between years 2000 to 2010, the number of Americans aged 65 and older increased a staggering 15.1 percent (35 million to 40.3 million) (Karger 2014, pg. 202). Demographics suggest that by 2050, the number of this age group will increase to 88.5 million (Karger 2014, pg. 22). Not only is this population growing, but people are living longer. The larger issue is having enough money to provide people benefits to sustain a decent quality of life. Assistance and Limits associated with this program: Social Security is a system in which people must insure†¦show more content†¦The benefit will be reduced by one-half of one percent for each month a person decides to collect Social Security benefits before their full retirement age. It is also possible to continue to work and simultaneously receive retirement benefits. Benefits will not be reduced in the month a person reaches full retirement age. However, benefits must be reduced if earnings exceed certain limits for the months before full retirement age is reached (Social Security Administration 2016, pg. 5). Funding and Distribution: Each worker in the United States pays taxes into Social Security. This money is used presently for those who have already retired, disabled, survivors of workers who have died, and dependents of those who received benefits (Social Security Administration 2016, pg. 7). The money that a person pays in taxes is not put into a personal trust fund. The government uses the taxes a worker pays to give benefits who are the current recipients. Any â€Å"leftovers† go to the general Social Security trust fund, but not a personal account with a specific name on it (Social Security Administration 2016, pg. 7). To visualize subsidies for retired workers, below the figure shows a hypothetical benefits breakdown for workers retiring at age 65 in 1982 (Social Security Administration 2016, pg. 8). Type of Worker Monthly Benefits Benefit-Contribution Ratio Annuity Based on Contribution Subsidy Subsidy as Percentage of Monthly Benefits Single male, maximumShow MoreRelatedSocial Security : A Social Problem3610 Words   |  15 PagesThe social security deficit is one that consumes the economy in the greatest way possible, whether man is aware of it or not. Social Security is an insurance plan the working class earns their beneficial coverage due to their work hours and tax paying on their earnings. The program is for the disabled and for those who can longer work due to health issues, or because of the retirement age that is required to have reached and some have met. To solve the social security dilemma some of the actionsRead MoreThe Problem With Social Security Trust Fund865 Words   |  4 PagesThe problem with Social Security trust fund is that at the present time there is more credit in the trust fund than is required for payment of Social Security benefits. â€Å"By 2027 revenue coming into the trust fund will fall below the level of being paid out, and by 2040 the trust fund will be depleted (Quadagno, 201 4).†Meaning there will be not enough money from payroll taxes to pay all the benefits that are promised to citizens. This puts everyone who is going to enter retirement in jeopardy. EvenRead MoreSocial Media Has Cause The Security Problem855 Words   |  4 Pagescollege students will build the close relationship with their teachers and more enhancing their engagement with study through using the social media, using social media still exist some unsafely problem to the student. Using the social media will cause the security problem, such as identity thieve will stole college student’s personal information from their social media account and the threaten massage, these two things deeply negative affect their daily life. For instance, Heidi Daitch graduatedRead MoreThe Problems Faced By The International Students Without A Social Security Number At Pittsburg State University1635 Words   |  7 PagesCHAPTER 2 Review of literature: The problems faced by the International students without a Social Security Number at Pittsburg State University. Introduction The study conducted by Savage (2007) describes when international students arrive in the United States, students are challenged by the many issues: language, academics and they have to adjust to many things like living, making communication, cultures, weather, transportation because they vary from one region to another region (Savage, 2007)Read MoreSocial Security : A Federal Insurance Program1507 Words   |  7 Pages Social Security Argumentation Essay Social security is a federal insurance program that provides benefits to retired people and those who are unemployed or disabled. Social security is, in other words, earned benefit with dedicated funding from payroll contributions paid by workers and their employers, known as the FICA tax. Generally, to be covered a worker must have worked for long enough; recently enough, and earned enough to have sufficient FICA credits, typically about 10 years. Benefits areRead MoreThe Benefits of Social Security1031 Words   |  4 PagesSocial security is any government system that provides monetary assistance to people with an inadequate or no income. The United States government program was established in 1935. Social security is important in the U.S. because it lifts 20 million people out of poverty. Social security has changed drastically in the past few years of our society. Today, 37 million people get social security benefits of more than $15 billion a month. One way of getting a social security is to gain employment. TheRead MoreSocial Security : The United States1220 Words   |  5 Pagesover 80 years social security has provided Americans with money after they reach the minimum age requirement. This money has provided retirement money for millions of people across the country but is now in jeopardy. To get an understanding of the current and future situation of social security it’s important to understand what social security is, when it was created, why it was created, and also how it has performed since it was created. After getting an understanding of social security I will thenRead MoreThe Economical Issues With Social Security1700 Words   |  7 PagesUnderstanding the Economical Issues With Social Security and How to Fix Them The original intention for creating social security was to act as a safety net for retirees, but as time past, there seems to be a great deal of economic issues relating to the program. Social Security was created to help benefit retired workers, spouse and children of deceased workers, as well as workers who have become disabled before retirement. This insurance program provides retirees with a steady income once theyRead MoreSocial Security and Medicare Will Hang by a Thread764 Words   |  3 PagesPeople receiving Social Security and Medicare need to prepare for drastic changes. Social Security and Medicare in unity has been around since 1965. President Lyndon B. Johnson decided to help the elderly pay for expensive medical necessities from doctor visits to medicine. President Johnson knew that elderly individuals would have less income and pay more for medical necessities than younger individuals. He made Social Security and Medicare a number one priority during his presidency, not knowingRead MoreThe Social Security System Is The Most Successful Government Social Insurance Program1346 Words   |  6 PagesThe 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