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

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Social Security Globalization and the advancements in technology have resulted in benefits that give our culture more opportunities than any other point in history. We as a race have become more intertwined, which has been facilitated through development and advancements in technology…
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In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired
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Extract of sample "In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired"

Download file to see previous pages Thus, there is an overall increase in the global population, which is going to have repercussions not only on the United States, but also on the global community. One of the areas in which our future society is going to be most effected is in the field of social security because the growth of our population and the rise of an older generation of people is going to cause economic havoc not only on benefits such as tax cuts and social security, but also on the entire economic system. Social security was created as a social welfare program that was designed to take care of people as they aged and became less productive members of society. It was first proposed by Roosevelt as part of the New Deal in order to move America out of the Great Depression. Since then, the original concept and act has been rewritten and developed so that it can stay current with the times and adapt to meet the demands/changes of the population. It was designed so that at a certain point, people would retire, however they would still be receiving a check from the government every month that would help pay for their living expenses. In this way, equilibrium would be kept between those that were younger and more productive in the working environment by freeing up the jobs held by older people. It is through taxation that the government is able to fund the checks to take care of the elderly, however there are problems that will be facing a new generation of people, as there is an increase in the number of elderly (Livingston 1-31). As stated previously, the lives of humanity are being expanded due to advances in medical science and people are now having more children. There is an accelerated growth in the human population on the planet that is going to have problems keeping up with this growing population. In the United States, this is going to be seen with the “Baby Boomers.” These were individuals that were born between the years of 1946 and 1964. This explosive growth in the post-world war II population was good in that it stimulated the economy by providing a workforce to both work and consume in the economy. With an increasing number of these Baby Boomers retiring, more and more money is being used from social security, which is putting a strain on this economic system. Along with the already increasing budget cuts and problems with taxation, there is not enough funds coming into the system in order to provide financial benefits after retirement. In essence, the current workforce is going to be paying for these people’s social security, but will have no form of social security of their own. By the time it reaches the next generation of children to retire, there will be very few benefits of social security remaining (Andersen, and Taylor 370-75). Social security is also having an effect on the medical care system and vice versa. One of the benefit adjuncts of social security is the medical insurance that is supplied to all senior citizens. Again, this is supplied through the taxation of the population. As more elderly citizens begin to tap into this resource, the less that will be left for the rest of the population once they hit retirement age. Even though medical technology has become more advanced and is saving lives, there is a costly rise in the costs of healthcare associated not only with the implementation of treatments and procedures, but also with the research and development that goes into the creation of these. More and more ...Download file to see next pagesRead More
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