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Social Security Argumentative Essay

996 Words4 Pages

An important question that is emerging related to retirement is whether or not social security will be active in the future. As a result, it is a question that I am beginning to ask as well for many reasons; the foremost being because my generation is one that it will have a tremendous impact on. Social security benefits are often over looked; most people solely rely on social security after they retire as a replacement for income, even though social security was not created as a replacement for a job. Others claim social security benefits while still working full- or part-time; however, it is becoming evident that social security is needed for most Americans after they retire to continue living a comfortable lifestyle. If social security is not available in the future when I retire, what will be the outcome? …show more content…

The myth that social security will no longer exist in the future is due to the depletion of the saved funds that make up a portion of social security. However, because social security is a “pay-as-you-go system…it’s never been primarily run on saved money…taxes from today’s workers are used to fund the benefits of today’s retirees” (Regnier 2015). Because of this, social security can only run-out if workers stop paying taxes. The amount of social security benefits that each generation receives is highly reliant on the number of workers in the lower generations. In order to keep the amount of social security benefits stable is to increase, or decrease, the social security tax to compensate for the amount of people that receive the benefits. It is possible that in the future social security benefits will only rely on direct taxes from workers, and if this does happen, social security benefits are likely to decrease. The amount of money that employers are paying in now will be less than the amount that they receive in the

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