Essay on Social Security - 782 Words

Social Security The purpose of this paper is to analyze social security so as to show the reader what makes it beneficial to us today. . Throughout my life the words social and security have meant little more to me than the representation of a small blue card in my wallet, a consistent and increasingly significant deduction of funds from my weekly pay-check, and a vague academically-instilled recollection of the potential for long-term future benefit. In fact, it was not until I researched pertinent material for this particular project that I truly learned how markedly beneficial social security will be after my eventual retirement. Reflecting on precisely how ignorant I had been to the issue prior to my investigation, I†¦show more content†¦Once you have reached your retirement age you must notify your employer and the government agency responsible for paying you benefits . This is the Social Security Administration. Arrangements must be made to carry private health insurance over into retirement, and applications must be filed for government health coverage. While social security is of great financial benefit to retirees, it must not be mistaken as a financial entity on which people can live without any other sources of income or savings. Rather, social security income should be supplemented by money from pensions, investments such as Individual Retirement Accounts (IRAs) or other means. In addition to providing financial aid to the retired, social security has two other aspects: Should the worker die before retirement, benefits go to survivors: to widows or widowers and to children until they reach a specific age, usually 18. Should a worker become disabled, income maintenance is provided. Temporary injury, however, is usually covered by workmens compensation programs. In the United States social security is a contributory system. Workers and their employers both make contributions in the form of payroll taxes. A few countries maintain universal pension plans paid from general revenues. Other countries have assistance for those not covered by social security or for those whose benefits are inadequate. ThereShow MoreRelatedSocial Security999 Words   |  4 PagesSocial Security History, Current Structure and Calculation of Benefits The Social Security Act was implemented in 1935, after the stock market crash had wiped out the savings of millions of Americans, the nation reached out to their president to guarantee the elderly a decent income. The original Act provides retirement benefits payable to a person 65 years and older who were no longer working. There were very few people that had access to pension from their employers and through government pensionRead MoreSocial Security1185 Words   |  5 Pages) ADM653: SOCIAL SECURITY AND EMPLOYEE BENEFITS ADMINISTRATION TOPIC: DEVELOPMENT OF SOCIAL SECURITY IN UNITED STATES PREPARED BY: AFIQAH BINTI MAD KASSIM 2013455736 ALIA ATIQQAH BINTI ADENAN 2013 FIQRIN HANIS BINTI ROSLI 2013488894 INTAN SURAIYAH BINTI RAMAT 2013460818 NUR AMILY BINTI ZAINUDDIN 2013439594 GROUP: S3BA5G (SEPT 2015) PREPARED FOR: SIR SUHAIMI BIN ABD SAMAD SUBMISSION DATE: 13 OCTOBER 2015 1.0 Introduction United States Social Security AdministrationRead MoreSocial Security And Economic Security1311 Words   |  6 Pages In 2033 a retiree with the average Social Security benefits of $1,294 will only receive 77% of this number or $996. This average retiree pays the average monthly costs for a single adult in Grand Rapids, Michigan of $1,323. This shows Social Security benefits today are sinking below the amount necessary to live. In the case the benefits are cut further, living on benefits will be impossible. This stays true to the 20% of retirees who rely on Social Security for all of their income. To make a trulyRead MoreSocial Security And Economic Security1582 Words   |  7 PagesIn 18 years, Social Security benefits could drop so that millions will not have the money to survive. On the other hand, it could not exist entirely. Social Security funds are sinking due to its history, its inability to obtain funds, and the retirement of the Baby Boomer generation. To make a truly accurate evaluation of Social Security one must look at the past, present, and future of the program which is depicted in the following paragraphs through the program’s history, its costs, and finallyRead MoreSocial Security : A Social Problem3610 Words   |  15 PagesThe social security deficit is one that consumes the economy in the greatest way possible, whether man is aware of it or not. Social Security is an insurance plan the working class earns their beneficial coverage due to their work hours and tax paying on their earnings. The program is for the disabled and for those who can longer work due to health issues, or because of the retirement age that is required to have reached and some have met. To solve the social security dilemma some of the actionsRead MoreEssay on Social Security1184 Words   |  5 Pages Social Security nbsp;nbsp;nbsp;nbsp;nbsp;Social Security is a public program designed to provide income and services to individuals in the event of retirement, sickness, disability, death, or unemployment. In the United States, the word social security refers to the programs established in 1935 under the Social Security Act. Societies throughout history have devised ways to support people who cannot support themselves. In 1937 the government began issuing Social Security identification cardsRead MoreEssay On Social Security1655 Words   |  7 PagesThat’s why America created a system called social security in 1935, this system is to help those who are older and have disabilities. (see staff.) Social security has three main part: first is the objective and comprehensive introduction to the American social security system; the second is the information authority, novel, the policies and data are from the US government and the legislature; third is the academic and practical combination of the US social security system Of the policy practice at theRead MoreThe Social Security System1442 Words   |  6 Pageshave faced the uncertainties brought on by unemployment, illness, disability, death and old age. In the realm of economics, these inevitable facets of life are said to be threats to one s economic security†- (www. ssa.gov). The 1935 Social Security Act was a giant step towards creating an economic security for the nation. However, as a person who has yet to be in the work force for 10 years I have already begun to realize that my comfort in retirement cannot rely on government funding, there are thoseRead MoreThe Benefits of Social Security1031 Words   |  4 PagesSocial security is any government system that provides monetary assistance to people with an inadequate or no income. The United States government program was established in 1935. Social security is important in the U.S. because it lifts 20 million people out of poverty. Social security has changed drastically in the past few years of our society. Today, 37 million people get social security benefits of more than $15 billion a month. One way of getting a social security is to gain employment. TheRead MoreThe Social Security Act1240 Words   |  5 PagesA. Is Shirley Caretaker disabled within the meaning of the Social Security Act in that she meets the requirements of the disabling listing for 12.04 affective disorders in 20 C.F.R. Appendix 1 to Subpart P of Part 404-Listing of impairments? With respect the answer is yes for the reasons stated in the Argument section of this brief. B. Is Shirley Caretaker disabled within the meaning of the Social Security Act in that she meets the combined requirements of the listings for 1.01 and 1.02(a)(b)