ipl-logo

Benefit Of Social Security Essay

1188 Words5 Pages

Benefits of Social Security
Social Security is a government run retirement savings program. It provides retirement, disability, and survivor benefits to eligible individuals. Originally established during the Great Depression in the 1930s, it’s idea was to provide a social safety net for the elderly, who no longer were in the working population. Although it is an expensive program, and engenders payroll taxes for anyone with a job, it has become an important element of the economy. In this article, we will explore the benefits of Social Security as well as how you can supplement your savings.

Benefits of Social Security
Retirement Benefits
Social Security provides retirement benefits to eligible individuals who have worked and paid into the …show more content…

To qualify for disability benefits, you need to haver a qualifying disability that is expected to last for at least a year or result in death. This benefit provides financial support for people who are unable to work due to their disability and helps gain access to medical care and other necessary resources.

Survivor Benefits
Social Security provides survivor benefits to eligible family members of a person who passed away. These benefits are available to spouses, children, and other eligible family members, and they provide financial support to help them cope with the loss of their loved one.

Anti-Poverty Effect and Long-Term Financial Security
One side-effect of the Social Security program is a anti-poverty effect for the elderly. Although the payments are not huge, for many people the safety net provided by Social Security helps to lift many elderly above the poverty line, according to the Social Security Administration. In other words, Social Security might provide some long-term financial security for people who have not been able to save enough for their retirement years.

Cost-of-Living Inflation …show more content…

Here are some of the potential disadvantages:

Funding Challenges: Social Security is funded through payroll taxes, which means that it is subject to economic and demographic changes that can affect its sustainability. As the population ages and the ratio of workers to retirees changes, there may be a shortfall in the funds available to pay Social Security benefits. In addition, changes in the economy can affect payroll tax revenue, which can also impact Social Security funding. Dysfunctionality in government can make it difficult for politicians to agree on solutions to these challenges.

Limited Eligibility: Not everyone is eligible for Social Security benefits. To qualify for retirement benefits, for example, an individual must have worked and paid into the program for at least 10 years. Similarly, disability benefits are only available to individuals who meet strict medical criteria. This can leave some individuals without access to the benefits they need, especially those who have not worked long enough to qualify for retirement

Show More
Related
413 Words | 2 Pages

If you have a work-related illness or injury, you may be entitled to both workers’ compensation and disability benefits. However, in cases such as this, you will not be entitled to the full amount of your disability benefit. In most cases, the amount of your disability payments will be reduced so you can receive no more than 80% of the amount you were being paid when you were fully employed. The process of applying this reduction is known as “offset”. Here is some important information you need to know about offset and how it is determined.

Read More
1200 Words | 5 Pages

Melvin Williams Arth 1381 Professor Zalman 13 November 2014 Visual Analysis The painting, The Basket Chair c.1885 by Berth Morisot, and the painting The Orange Trees c. 1878 by Gustave Caillebotte, are both magnificent and interesting pieces that I got the opportunity to see. The paintings are both wonderful pieces and their composition overall is very impressive. Both paintings have different aspects in the way the artist displayed modernism, formal characteristics, class and gender, and the subject matter of the painting itself.

Read More
1415 Words | 6 Pages

Both men satisfied the section 4 criteria of the ODSPA for being disabled, however the claimants were denied benefits based on section 5(2) of the Act, which disqualified individuals who are disabled solely because of substance abuse. Section 4 of ODSPA requires that individuals must have a substantial physical, intellectual or mental impairment to be considered disabled that prevents them from being completely functional in society, and to claim disability benefits, and the disability or impairment would be expected to last at least one year. In addition, the impairment must result in a substantial restriction in any one of these areas: (i) personal care and hygiene; (ii) functioning in the society or community; and/or (iii) ability to work and earn a

Read More
604 Words | 3 Pages

The Social Security act also has an insurance plan for the unemployed and elderly. (sources F G) This connects to the claim because this shows that by giving people social security, that they can use the money to pay debts and buy products from stores. This also helped stores gain business and to start hiring people. This helped businesses get better income and adults save more money because older people won’t have to rely on kids and grandkids to take care of them.

Read More
280 Words | 2 Pages

Social Security also gave financial aid to the disabled along with the unemployed. This act was crucial to the recovery to the nation because it gave people some financial stability and insured people

Read More
892 Words | 4 Pages

The SSA was the first time that the government gave money to help people who needed it. I think it was necessary to end the depression and many of the people who the SSA helps cannot help

Read More
812 Words | 4 Pages

Not only did it provide jobs, but it also distributed millions of hot meals to children. This meant that it saved parents money that they could entrust in banks and it also helped lower the all-time high unemployment rate. Based on doc 8 the social security act also helped provide jobs by removing the elderly from the work force. The SSA helped the elderly retire by sending them checks and allowing them to survive without having to work anymore. This allowed more workspace in the job market and also allowed the elderly to spend money and continue to contribute to the

Read More
918 Words | 4 Pages

Before the New Deal, many conservatives often found the idea of social security to be frowned upon because of the misuse of hard working tax money going to waste. This was a significant change because throughout the great depression, the federal government was not heavily relied on for support within the workforce until after the New Deal programs were put into effect. In times of need,

Read More
1044 Words | 5 Pages

Another con to replacing Social Security is that gives the person responsibility of having to make a retirement plan and being able to make investment. Many people are not capable of such decisions and many will be taking an investment risk. I support replacing Social Security with private funds because as I mentioned earlier “instead of sixteen workers paying in for every beneficiary, right now it 's only about three workers” (Reno) for social security to function to its full potential the ratio would have to be sixteen to one but the number is much less than that its only three to one and the ratio will only continue to fall. As baby boomers begin to retire it is causing the social security system to face difficulties since the baby boomers generation will be a big number of people retiring that the working class will not be able to support them (Reznik, Shoffner,

Read More
616 Words | 3 Pages

It marked a shift in the role of the national government, as it established a system of retirement benefits for seniors and more such as unemployment insurance, aid to dependent children, and disability insurance. These programs helped provide safety for Americans who were struggling during the Great Depression, and they continue to provide support to millions of Americans today. The program was designed to assist older Americans who were unable to work, and it has been instrumental in reducing poverty among seniors. According to History Editors, the “Social Security Act”, the president “created Social Security, a federal safety net for elderly, unemployed, and disadvantaged Americans. The main stipulation of the original Social Security Act was to pay financial benefits (Social Security Act).”

Read More
1324 Words | 6 Pages

Charles Fusco, Federal Writers’ Project interview in which he offers his perspective on the New Deal, “Roosevelt Is a ‘Damned Good Man’” says, “This social security measure gives some protection to 30 million of our citizens who will receive direct benefits through unemployment compensation, through old-age pensions, and through increased services for the protection of children and the prevention of ill health.” “It will act as a protection to future Administrations against the necessity of going deeply into debt to help the needy. It is, in short, a law that will take care of human needs and at the same time provide the United States with a sound economic structure”(SQ 3, E). Social security was very important to the Success of the New Deal. The text says, “Social security was a piece of this change, signaling Americans viewed the government as responsible for ensuring that older Americans would live decent lives.

Read More
774 Words | 4 Pages

It was created as a way to collect taxes throughout an employee's or employer’s working career. This money would then go into a monthly pension, where that particular worker could then use his or her money once they reached a certain age. However, the pension system excluded agricultural workers and servants from receiving any of these benefits, and since women and African Americans were the ones mainly affected by this exclusion, people who were in need of aid never received their social security. The money collected from Social Security would also be given out to mothers with children who needed

Read More
582 Words | 3 Pages

It also offers many other benefits for children, widowed and disabled Americans. Social Security is a federal agency that fights old-age poverty. The primary source of the Social Security poster gives lots of information. It explains that it can offer, “a monthly check to you for the rest of your life, beginning when you are 65”.

Read More
129 Words | 1 Pages

Christopher, Greed was differently the driving factor of the imbalance between the wealthy and the common people. Social Security definitely did help the economy. When those of age 65 and over would retire, it would lead to job positions opening up, which led to new people being hired. It wasn’t really new demand, as younger people would replace the older ones. When people would receive their pension check it wasn’t very much.

Read More
2236 Words | 9 Pages

With the influence of European systems, America created several different programs to help out the unemployed, injured workers, elderly, and minority populations. The state old age pension was the most active form of welfare before Social Security Act began. Over 30 states formed old age pension programs to help out the elderly, but they were inadequate and ineffective. Only about 3 percent of elderly were receiving benefits of .65 cents a day.

Read More

More about Benefit Of Social Security Essay

Related Topics

Open Document