The Social Security Retirement Issue Essay example

Submitted By KhanU

Words: 318

Pages: 2

Open Document

Social Security has long been a topic of heated debate for the people of the United States from small, low income families to the most educated Harvard graduates. Although all Social Security programs serve for only one simple purpose to provide people income and benefit after their retirements, different people all have different perspectives and ideas on how this goal should be achieved. The new elected president Bush also carries out his own plan of allowing partial or total privatization of SS. Is it a good solution for the problems remaining in our present SS system? What is the main problem of the Social Security system? And how does Bush's proposal affect our financial future? Those questions are going to be answered in my paper. But first of all, let's take a look at the history and legislation change of the Social Security program.
Because of the massive unemployment and poverty caused by the Great Depression, the government realized that it had to do something to protect employees from unemployment, illness, and old age. The first step taken was the Social Security Act of 1935, Employees used to sue their employers to receive compensation after a work-related injury or illness. Also, the new act created a social insurance program designed to pay worker a pension after retirement. According to the official Social Security web site www.socialsecurity.gov, the first SSN was issued in November 1936, and over 35 million SSN cards were issued in the following two years.

Essay on Is Social Security Broken

Is Social Security Broken Xxxxx xxxxxxx Intermediate Macroeconomics 6 Oct 13 Is Social Security Broken The baby boomers are retiring more and more every day, and for them that is thanks to the Social Security they worked so hard for all their life to help with their retirement. Social Security has been a very popular program in the United States and it looks to be running long into the future, or will it? The purpose of the program was to give workers a type of retirement pension and was…

Words 1128 - Pages 5

Economic Struggles of the Elderly Essay

sorely compromised, sometimes destroyed. What can be done to help this population through the transition into retirement? There are programs that do assist them including Social Security, Medicare and Pensions, however is it enough? The Social Security Act of 1935 along with Medicare have helped many Americans since they have been around and have…

Words 3070 - Pages 13

Social Security Privatization

Mitchel Spencer Macroeconomics November 11th, 2014 Final Should Social Security be Privatized? A question that has been talked about a lot in the recent years is the privatization of Social Security. This is the case because Social Security is scheduled to become insolvent by the year 2037. This means that by that time the Social Security system will only be able to pay out 75 percent of benefits to beneficiaries. This is where privatization comes in. People are pointing out that there is a 25…

Words 1429 - Pages 6

Essay about Aging In America And Its Social Impacts

Aging in America and its Social Impacts The aging tide is coming in and presents us with a new challenge of what some are calling the “third age.” In 1900 about 1 in 20 persons was old; by 2030, it will be 1 in 5. Aging in America has quietly become a mainstream issue. The baby boomers are now reaching the age of retirement and those before them are also starting to live longer lives. These two items paired together are adding a strain on the resources and their availability to sustain the government’s…

Words 720 - Pages 3

Social Security In America

The Social Security Act was adopted in 1935, which regulated unemployment and retirement programs. “The United States was a relative latecomer in covering its employed workers with compulsory old-age insurance, and perhaps, for this reason, it is not surprising that the U.S. program was largely inspired by continental European models, particularly the German example, in the 20 or more years preceding its adoption” (Hoskins (2010, pg. 79). Social Security has become essential for many Americans; many…

Words 944 - Pages 4

Arguments Against Fixing Social Security

Social Security, established in 1935, is a cornerstone of retirement security for millions of Americans. It provides benefits to retired workers, disabled individuals, and survivors of deceased workers. However, the program faces significant financial challenges due to demographic shifts and evolving medicine, including the aging population and declining birth rates. These challenges are exacerbated by factors such as longer life expectancies and slower workforce growth. Without reforms, the Social…

Words 1263 - Pages 6

Essay Obama’s Plan for America

jobs as well as improving the Social Security, keeping everyone on a path to success. Governor Romney on the other hand, thinks he can improve the U.S by giving the middle class more taxes while lowering the taxes of corporate businesses. Which can worsen the economy due to the unemployment rate. Mitt Romney also wants to privatize Social Security, which means instead of money guaranteed at retirement, you invest it. Social Security is guaranteed. Privatized Social Security is not. He also is for the…

Words 1423 - Pages 6

Long Term Care Research Paper

assisted living facilities will wipe out an individual’s savings, once gone they can no longer afford to live in the “high class” nursing suites, instead be regulated to a room with double occupancy that is more affordable. There are ways to combat this issue, not the end all be all answer but helpful. In my line of work Long Term Care insurance is a growing concept amongst many individuals, it allows them to purchase and insurance policy that will help pay for home health aides, nurses etc. to come into…

Words 282 - Pages 2

State Pension should not be Abolish Essay

argue that pension system is designed to guarantee that individual still have sufficient savings to live after work retirement by giving them a regularly income that is quite similar to their previous income while they were still working. There are many various type of pension system. The World Bank proposed a three different financing and managerial arrangement for old age security in 1994 as a vary of pension system in its research report titled Averting the Old-Age Crisis which are Public Pay…

Words 2097 - Pages 9

Plan To Plan For The Rest Of Your Life

these questions in their lifetime, some sooner than others. Unfortunately not everyone is intelligent or cautious enough to invest in their retirement early, or even invest in the market. The majority of the population live life working to pay bills, with a percent discounted for their future (401k, Social Security, anything offered by the employer), and the rest funneled towards birthdays and holidays. All with the hopes of someday staying in a decent…

Words 1313 - Pages 6