The social security is a costing system and it occupies a big proportion in the government spending. In Barbara R. Bergmann’s article “Could Social Security Go Broke?,” she deems that there is enough fund in the social security system and the government can easily transfer the tax income from current employees and firms that employ these employees to the social security to support retirees’ lives. This point of view only can be considered as assumption, but not for the real world. After the finacial crisis in 2008, a large number of employees were laid off during that time and some employees decided to retire early, which results the labor force in American has shrunk. In the meantime, the presence of effective technology products,
During 1959, the year before the Amendment of 1960, the Bureau of Census indicated a 35.2% of poverty with those 65+ and 17% with those from the ages of 18-64. Roughly seven years later, in 1966, when Medicare was passed and provided for a year, it was shown that 28.5% of the elderly population lived in poverty whilst 10.5% of people from 18-64 lived in poverty (Excel Files tbl 3). From the seven years prior to Medicare being passed to the actual passing of the program, the rate of poverty in the elderly decreased 6.7%. Sometimes, it is difficult to gauge the progress and effectiveness of a program when looking at the course of a few years, however, one can witness trends over a couple decades. In the fifty years since Medicare has been passed, the rate of poverty in geriatrics has steadily decreased as the rate of poverty in those from 18-64 steadily increases.
Social Security is a federal insurance program that provides benefits to retired people and also those who are unemployed or disabled. Social Security consists of three programs retirement, disability and survivors. Social security is funded by a payroll tax. According to the article “How is Social Security Financed” the payroll tax makes the employers and employees each pay 6.2 percent of wages, while the self-employed pay 12.4 percent. This payroll tax is deducted from an employee’s paycheck.
Cite your source. Ben Carson believes that the age at which social security is received should be increased. He argues that our life expectancies have increased and so the age at what you receive social security should be older. We should pay fewer years of social security to each individual, instead of them being on it for a long period of time. Carson recommends that this change be done over a long period of time.
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”.
Hi Al, long-term care insurance is design to pay for nursing homes and home health care. The insurance provides adequate cost-benefit from the increasing cost that associated with health issues such as chronic and Alzheimer’s disease, strokes and those can no longer live on their own. Overall, purchasing long-term care is meant to protect you against the financial consequences of the high cost of increasing life expectancies and the resultant rise in the chance that you may eventually need some level of care. Moreover, it is important to obtain this type of policy while you are healthy enables you to receive health discounts in addition to marital discounts if you are married. With that being said, if you are in good health you can save up
Medicare will pay for a lot of healthcare costs for senior citizens who are under the program, but it does not pay for everything. Those who are on Medicare are expected to help cover these costs by paying deductibles and co-payments when they seek care. Although this might seem reasonable, the costs can become too much for many senior citizens to pay for. This does not mean that you will have to continue to spend more than you can afford on healthcare, however.
The slow wages growth and increased unemployment in 2010 were the causes of lower payments on payroll taxes resulting in a projected insolvency of 5 years earlier, 2024. Nevertheless, with the Medicare payment reduction and revenue increases included in ACA, as well as system reforms to improve efficiency and quality in patient care to reduce costs, we can expect a slower growth rate compared to historical trends, but regardless of the efforts, HI Trust Fund faces a medium long term deficit due to the upcoming increase of individuals older than 65 years old covered by Medicare and the decreasing relationship between employee’s tax contributions and health care expenditures. What is going to happen with the Trust Funds? Are we going to be covered by Medicare when we reach 65 years
A country’s social security system is very important, as it directly relates to the happiness and wellbeing of its citizens. During this time period, Canada’s social security system advanced greatly, specifically with the Canadian Pension Plan and the Medical Care Act. Although an Old Age Pension Act was already introduced in 1927, this program only provided benefits for seniors who had an annual income that was less than $350. With the economic improvement following World War 2, seniors faced the problem of inflation because their pensions were tied to minimum income levels rather than the cost of living. In 1951, Louis St. Laurent fixed this issue by introducing the Old Age Security Act and Old Age Assistance Act, the first pensions that
Social Security Short Paper History of Social Security According to Social Security (n.d.), the Social Security Administration (SSA) began life as the Social Security Board (SSB). The SSB was created at the moment President Roosevelt inked his signature on the Social Security Act (August 14, 1935 at 3:30 p.m.). The SSB was an entirely new entity, with no staff, no facilities and no budget.
As people age, health becomes more of a concern as people more prone to health problems. Supporting Evidence: This was the time were many people were discovering themselves, so they did drugs, had unprotected sex etc. So most of our taxes will go to these Baby Boomers to pay for their health-care (PhillyMag) This also means that it is to the elder’s advantage because they can take use of the free healthcare The fact that they are growing old means that they are developing issues physically and in some cases mentally (Stat Canada)
Today’s generation will have to find other means to help support themselves in retirement if Social Security funding runs dry. The uncertainty of where the money will come from to sustain the fund, further adds to the problem. According to the Social Security Administration, approximately 59 million people collected Social Security Benefits in 2015, but as the population swells that number is expected to grow to approximately 100 million by the mid 2030’s. Government officials need to step in and act quickly to solve the issue of funding, but opposing viewpoints keep it at a standstill.
As a society we need to accept that it is up to our generation to fix this issue. Reforming Social Security will benefit everyone living in the U.S. in the long run. Restoring Social Security to its once former glory is a necessity to benefit our further generations and to create a better future for the next generation of workers. In order to accomplish this lofty goal I propose that we increase the payroll tax cap to boost Social Security’s funding and reduce benefits for the higher income earners who do not need Social Security as much as others do. The majority of Social Security’s income originates from the Social Security payroll tax.
My single largest piece of advice is to focus on school. You might dream of being a professional athlete, renowned artist, or successful business owner in five years, however, it’s difficult to be sure of where you’re headed when you’re as young as we are. Your interests will likely change during the coming years as you gain new experiences and insight in high school, thus, it is definitely advisable to keep your options open and have the opportunity to attend university of your choosing if you if you so desire. By all means, this is not to say that you must enroll in the most advanced classes available and spend entire weekends pouring over the scandalous amount of homework you’ve been given (although that’s what I did and it really wasn’t
Introduction I. We as a human being, we age and it is said that there will be more elderly people in the future. A. According to the graph of 2012 Population Estimates and National Projections from the Current Population Report by Jennifer M. Ortman, the population aged 65 and above is projected to be 83.7 million in 2050, almost double its estimated population of
