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1. What is social security from a macroeconomic view 2. Why do we need social security 3. why should I care about social security, Who is going to fund my social security benefit in 2055, Is there enough financing - Essay Example

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This is the U.S. government program, responsible for paying benefits to employees following retirement, to deceased employees’ spouses and children, as well as…
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1. What is social security from a macroeconomic view 2. Why do we need social security 3. why should I care about social security, Who is going to fund my social security benefit in 2055, Is there enough financing
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1. What is social security from a macroeconomic view 2. Why do we need social security 3. why should I care about social security, Who is going to fund my social security benefit in 2055, Is there enough financing

Download file to see previous pages... Social Security gets its finances from a payroll deduction (FICA) tax, which is at the moment more than sufficient; however, soon, it will be less than the amount necessary for paying benefits (Weaver).
Social Security is a tremendously significant program and extremely beneficial to every person who gets involved, as well as their relations. The benefits of Social Security retirement have their basis on standard indexed monthly earnings for not less than thirty-five highest earnings years before the retirement period (Weaver). This benefit formula gets netted in such a way that is favorable to lower-income workers. For instance, in 2004, an individual having average monthly earnings of $624 were given a benefit, which was capable of replacing 90 percent of earnings. On the other hand, an individual with average monthly earnings of $3,760 was given a benefit that was capable of replacing 42 percent of earnings, whereas an individual having monthly earnings of $7,325 were given a benefit, which was capable of replacing only 28 percent of earnings (Weaver). Retirement between ages sixty-two i.e. early retirement, as well as the full-benefit age, brings about a deduction from total benefits on the basis of the actuarial assumption, which states that early retirees have to collect benefits for an extended period. Until 2000, the full-benefit age happened to be sixty-five, when it started a two-month-a-year increase; therefore, in 2005, it reached sixty-six whereby it will be constant till 2017. Thereafter, it will continue rising by two months every year tilt it arrive at sixty-seven in 2022 (Weaver).
Social Security’s survivors’ benefits are given to the children, along with spouses of workers who worked for not less than ten years. Children together with surviving spouses with children below sixteen years of age each get an amount equal to 75 percent of the benefits of the ...Download file to see next pagesRead More
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