In the United States, there is a system called Social Security which is to help people who cannot get a source of income. The source of income comes from everyone who works and a percentage of their paycheck is taken out to help retirees, disabled persons, and families of retired, disabled or deceased workers (Schreur). First, the current system has been working for nearly 80 years (Boccia) and should be improved instead of replacing. Also, is the mandatory private pension system going to work the way people want it too? I believe that the current Social Security should not be replaced with a mandatory private pension system because why change a system that is already working, focus on improving current system and would a private pension system even work. First, about 163 million Americans pay Social Security taxes and 59 million collect monthly benefits (Schreur). Workers who have work must pay a minimum percentage in taxes for Social Security retirement benefits. In fact, workers have to pay for at least 10 years during their working lives in order to qualify for retirement benefits (Boccia). There are 3 different types of Social Security programs: retirement, survivors, and disability. Each of these programs gives income after meeting the requirements. Yes, the …show more content…
As of right now, the Social Security trust fund will be exhausted by 2033 (Boccia).There are many ways to improve the system like for example, increasing Social Security taxes or raising the retirement age. Workers currently pay 6.2 percent of their earning into the Social Security up to $113.700 in 2013 (Brandon). If taxes were to rise by 1 percent then this would eliminate the financing problem. Same applies to retirement age; if the full retirement age was to go up to 70 then it will reduce benefits by 21 percent (Brandon). That being said, improving the old system is more beneficial than changing it to a private pension