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Social Security Program Essay

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The U. S. Social Security Program
Shantelle K. Stewart
UMUC Spring 2 FINC 321 7982

Abstract
This paper explores some of the history of the development of the U. S. Social Security program as well as it many benefits that has been offered throughout the years. The Social Security program was originally established in 1935 as The Social Security Act of 1935 due to the cabinet-level group President Franklin D. Roosevelt appointed, The Committee on Economic Security. Social Security is operated by the Social Security Administration, or SSA, and funded by employers and workers through the Social Security taxes they are required to pay and the higher-income beneficiaries paying federal income taxes (Koba, 2011).
The Social Security program …show more content…

Roosevelt in 1934, developed The Social Security Act of 1935. Social Security is a federal income-security program that was originally developed to provide economic security to Americans through programs that provided insurances such as the old-age insurance, unemployment insurance, and various public assistance or welfare programs (Martin & Weaver, 2005). Those programs are still used today providing assistance to millions of Americans along side new programs such as the Supplemental Security Income program (SSI) and the affordable healthcare program for older Americans …show more content…

In fact, the principles that were used when the system was initially implemented is still in great use today; the amount of benefits that can be received depend on the amount received during employment and benefits will replace a higher portion of earnings for the low earners. Over fifty-nine million Americans received benefits in 2015, so its imperative that the Social Security Administration be meticulous with who is allowed to receive any form of assistance (SSA Press Office, 2015). Retirement Benefits In order to receive any benefits, workers must be between the ages of 65-67, and paid Social Security Taxes for at least ten years, of forty quarters. Retirement benefits replaces only about 40% of a worker’s income, with that being said a worker should supplement their income with investments and other

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