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Differences Between Ins And Outs Of Social Security

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Ins and Outs of Social Security
Kathleen Yarbrough
Post University
August 13, 2017

Ins and outs of Social Security
Social security was created in 1935 by President Roosevelt, it was meant to be used for people like myself when they retired. Social Security is a hard subject to write about because it changes so much, from one year to the next. " Social Security is the foundation of economic security for millions of Americans-retirees, disabled persons, and families of retired, disabled of deceased workers". (National Academy Of. Social Insurance, n.d.) When you work a certain amount of money is taken out of your paycheck along with a matching amount from your employer and goes into a fund for you when you retire or are unable to work anymore. …show more content…

into an account for you for when you retired so you would have the money to live on. But, that is not the case. " Instead, the money goes into a general trust fund, and is used to pay benefits to current and future retirees". (Elliott, 2017) "When you retire, the money you receive will come from contributions of those currently working", (Elliott, 2017) There are many dates associated with when the government thinks Social Security will be depleted but they are all within a couple of years. I am hoping it does not happen while I am alive, but I am worried about my children and grandchildren not being able to receive it, that is a long way so hopefully there is enough time for the government to figure it …show more content…

"The poverty rate for Americans 65 and older has fallen dramatically since the 1960's, and economic research finds that Social Security played a crucial role in this decline." (Furman, Zients, 2015) Senior citizens are living longer and maybe that could be one of the reasons that Social Security money is going faster. People on Social Security did not receive a cost of living raise for three years, then we did, I received a $3 raise, better than nothing. " Good news for seniors: Millions of Americans who rely on Social Security are projected to receive their biggest payment increase in years this January." (Ohlemacher, 2017) That would be great, for myself it would be a $18.50 raise, but it sounds too good to be true with all the bad news you here going on with it. I just hope that my Medicare premium doesn't go up too much with the raise. I just hope that if Social Security is in trouble that they hurry up and fix it. " Neither Social Security nor Medicare face an immediate crisis-they both currently have surpluses." (Ohlemacher, 2017) " But the trusties warn that the longer congress waits to address the problems, the harder it will be to sustain Social Security and Medicare without steep cuts in benefits, big tax increases or both." (Ohlemacher,

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