Nobody downloaded yet

In the united States we do not need to plan for retirement Social Security will cover our needs when we retired - Essay Example

Comments (0) Cite this document
Summary
Student's Name & Course No.: Professor's Name: United States of America Social Security System (Process Essay) 17 January 2011 Introduction Retired people cannot realistically expect the social security system of the United States of America to provide for everything they need…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97% of users find it useful
In the united States we do not need to plan for retirement Social Security will cover our needs when we retired
Read TextPreview

Extract of sample "In the united States we do not need to plan for retirement Social Security will cover our needs when we retired"

Download file to see previous pages They think they are entitled to their monetary contributions which they had earned by virtue of their retirement. However, the American government indicated clearly even from the start when the law was signed that social security is not intended to be the sole income source of retired people. What the government had in mind when creating social security was to provide an alternative for people who are down and out financially but never to support them entirely for the rest of their lives. The intention was to supplement whatever incomes the retired people may have. It is also unrealistic to expect the United States government to provide for the financial, medical and other basic needs of retirees when the economics of doing so dictates otherwise. Social security became a law as America’s response to the Great Depression in which millions of workers were thrown out of work. The economy was in a shambles and it was the government only which had the means to help these millions of poor workers who are able to work but cannot find work. Capitalism and free markets had collapsed but once the economy recovers, people are expected to find gainful employment again and set aside some money for their retirement by saving and investing part of their wages and salaries for retirement aims. Discussion Social security benefits are projected based on so many external factors just like any insurance program. Put simply, making projections even with the most powerful computer models cannot ensure any accurate outcomes. Additionally, many people have the wrong perceptions and concepts of the social security program. This safety-net law was to provide benefits for working people on their retirement, any disability, survivorship (for dependents) and death. Over the years, many other benefits were added such as those amendments for a “Supplemental Security Income” program for the aged, the blind and the disabled persons (although this is managed separately) even though they had not worked a single day before and did not contribute any social security taxes. The social security system of the United States of America works just as an insurance program would. This means it works on the assumption that everyone will be covered and all workers who are gainfully employed will contribute to the program to make it viable. Social security works on the idea that risk is spread over a big proportion of the working population. Additionally, the ideal should be more workers paying contributions to support the retired or elderly people who will now draw down on their contributions to support themselves. The social security fund comes from contributions made by people of working age. It means demographic shifts such as the graying of the population has a big impact on the future financial viability of the program. Actuarial calculations are just best estimates or assumptions about fertility, life expectancy, quality of health care and state of the economy; these factors determine the fund’s financial viability. The ideal set-up for social security would be workers supporting fellow retired workers. When it began in 1935, the contributions of 17 workers had paid for the benefits of one retiree. By 2035, the ratio is estimated to be only 2.1 workers per beneficiary. This situation clearly is financially not sustainable to continue giving benefits. The reduced ratio of contributing workers ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“In the united States we do not need to plan for retirement Social Essay”, n.d.)
Retrieved from https://studentshare.org/environmental-studies/1405022-in-the-united-states-we-do-not-need-to-plan-for
(In the United States We Do Not Need to Plan for Retirement Social Essay)
https://studentshare.org/environmental-studies/1405022-in-the-united-states-we-do-not-need-to-plan-for.
“In the United States We Do Not Need to Plan for Retirement Social Essay”, n.d. https://studentshare.org/environmental-studies/1405022-in-the-united-states-we-do-not-need-to-plan-for.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF In the united States we do not need to plan for retirement Social Security will cover our needs when we retired

In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired

...security are more than the tax payers and in the coming years it is expected to record more imbalance in the ratio of retired and tax payer people. The government fiscal deficit has been increased to $1.5 trillion in 2011 due to which the funds available to pay the retirees are also expected to shrink in the coming years (Brown et al, p83). The issue of running out of the social security fund is great point of concern for the people in United States because the generally people use to reply upon these funds to meet their needs of the retired life. The social security...
4 Pages(1000 words)Essay

When should we bring our troops home from Iraq

...?IRAQ – When should we bring our troops home from Iraq? On 19th September 2005, in a joint press conference with then President George Bush, Jalal Talabani, the incumbent and 6th President of Iraq, was quoted saying that, “We will set no timetable for withdrawal, Mr. President. A timetable will help the terrorists, will encourage them that they could defeat the superpower of the world and the Iraqi people” (GOLIATH, 2005). 6 years, 455 Bn dollars and over 4421 military deaths later (Congressional Research Service, 2010), Mr. Talabani’s words on ‘timetable’ still hold true with the current 50,000 US military boots on the grounds of Iraq. Since its inception, Iraq war has...
8 Pages(2000 words)Essay

In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired

..., which is shaping the declining benefits of social security, is the age in which people are retiring from the workforce. Back in earlier parts of history, people remained in the workforce for much longer periods of time because it was understood that work meant income for food, shelter, etc. As time has been increasing, the age of retirement has also been decreasing as more and more people are starting to retire early. As a result, this puts in an increased strain on the funds available in social security as the system works to help balance the increased demand of retired people from pulling funds from...
4 Pages(1000 words)Essay

In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired

...? In the United s, Retirement Planning is Essential. Social Security Will Not Be Enough to Cover Our Needs When We Are Retired Jonathan S. Rhodes COMM/156 8 August 2011 Larry Schnell Social Security program is carried out by the government of the United States to provide retirement, survivor, and disability insurance to its citizens. According to Feldstein (2005), the Social Security program of the United...
5 Pages(1250 words)Essay

Do we still need library

... Do we still need libraries? Fervent debate on the justification, role and place of libraries persists, without overlooking any one of the categories- special, academic, public and school. Recent times have been characterized by unparalleled opportunity, change and crisis making it difficult for the institution to survive. Librarians are continually faced with the uphill task of redefining their position, rethinking the modes of service delivery, designing new models for librarianship and strategizing their futures. However, they have the opportunity of gaining a better understanding of their users and as such, more is expected from them compared to librarians in the past. Library users themselves have developed an appreciation... that makes...
4 Pages(1000 words)Essay

WHY WE ABUSE OUR CHILDREN

...Why We Abuse our Children introduction) The act of child abuse whether caused by neglect, physical harm, sexual abuse or mental torture enrages communities on an international scale. The figures of child abuse are not only alarming but also very often do not present the true measure of the amount of abuse that occurs in society and there are many cases going unnoticed or unreported. Many times, what makes an individual or group of people abuse children is often incomprehensible to the norm of society. All too often drug abuse, stress, the inability to cope with everyday isuues, lack of knowledge and sexual deviances is at the forefront of the stories discussed and highlighted in the media. In many instances, public outrage draws... ...
2 Pages(500 words)Essay

United States National Security

.... There are, of course, a number of other important concerns emanating from failed state environments. Though not always included in the fragile states literature, the recent report "A More Secure World: Our Shared Responsibility," drafted by the UN's High Level Panel On Threats, Challenges, and Change offers perhaps the most complete justification currently extant for international engagement in failed and failing states. In its account of the most pressing threats to national and international security, the panel goes beyond traditional concerns of interstate conflict, and includes "economic and social threats,...
16 Pages(4000 words)Essay

When should we trust our senses to give us truth

...When should we trust our senses to give us truth? Truth is a much desired facet in our day to day lives. We usually aim to explore the truth through our different sensory mechanisms, our judgment and foresight – all put into one. However truth sometimes becomes difficult to ascertain and there are serious issues in understanding what exactly the truth is comprised of or in what capacity it has actually been delivered to our senses. The lack of proper understanding with regards to knowing the truth is another aspect which puts us back on our wheels and thus our journey to...
5 Pages(1250 words)Essay

Should We Drink Our Milk

...as bones need calcium, so do our teeth. Teeth are covered by enamel which is the hardest substance in the human body, and is made up primary of calcium. Teeth, therefore, need calcium to develop and to grow. Milk also contains other nutrients that contribute to dental health. These include proteins that are required for growth as well as for repair. Casein is a milk protein that forms a protective thin film over the enamel. Chocolate milk, unlike solid chocolate, is less likely to damage teeth provided proper dental car is taken by the individual. Milk is one of the two safe drinks that is recommended for consumption between meals – the other is water....
14 Pages(3500 words)Essay

Do we own our cells

...but with consent it may be helpful in other fields through distribution. Therefore, in this case the practitioner took advantage of the patient’s ignorance and a statute that avails freedom one to use own knowledge in benefitting economically (Leino-kilpi 11). Do we own our cells after taking from our bodies? Yes. Defining cell donors’ ownership right has been major stumbling block in determining the right balance between patient right and medical research progress. Every patient has right to privacy and information; hence any body part taken from them should not be done without their consent. If the cell is to be used for any scientific research or commercialization...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic In the united States we do not need to plan for retirement Social Security will cover our needs when we retired for FREE!

Contact Us