The Future of Social Security :: Papers Politics Welfare Essays Papers

The Future of fond warrantor neighborly Security is a system that was set up in 1935 after the expectant depression to help nation get through tough sentences. Social Security is now employ by nearly 44 one thousand thousand Americans(policy.com). Only people who payed into amicable security are eligible to hoard when they retire. Many people think that they receive the specie they pay in but that is non total true. The money that you pay in is utilise for the people that are receiving it now. In 1950 there were 16 workers for every beneficiary today there are only three workers per beneficiary(policy.com). at that place is more money going into social security then glide path out now. The extra money goes into a trust to be used when it is needed. By the course of study 2032 those numbers are going to puke. By this judgment of conviction most baby boomers willing be retired and collecting social security. This will put a big strain on the funds. There will be more money going out then climax in. And it will not take long to use all the money that is in the trust. By the year 2034 they will only be able-bodied to pay 75 percent of the beneficiaries. The projected average monthly Social Security benefit in 2032 of about 1,100 (in 1998 dollars) would fall to about $800, and would drop further in later years. Average benefits for low-wage earners would drop from $670 to $480(www.ssab). Theses cut would load the people just starting to receive benefits and those who are already receiving benefits. And with severally year these benefits will decrease. As these benefits continue to decrease the percentage of develop people living in poverty would rise(www.ssab).Most people reckon this is happening because of the baby boomers generation. There will be more people taking from social security then giving in. By the time my generation is eliable to receive social security there may not be any money to give.Everyone is worried about the future of the social security system. They wonder how long it can last after the year 2030. There are many ways people are suggesting to piling with the problem. Some suggest to raise taxes on social security In order to continue paying full benefits in 2032 and for about 40 therefore, the law would have to be changed to increase social security taxes by almost one-half, from the current 12.