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

The Future of Social gageSocial earnest department is a system that was set up in 1935 after the Great slump to help nation get through tough times. Social Security is now used by nearly 44 million Americans(policy.com). altogether tribe who deported into social security are eligible to collect when they retire. umpteen mess think that they receive the money they pay in just that is not total true. The money that you pay in is used for the people that are receiving it now. In 1950 there were 16 workers for every beneficiary like a shot there are only three workers per beneficiary(policy.com). on that point is more(prenominal) money going into social security then coming unwrap now. The extra money goes into a trust to be used when it is needed. By the class 2032 those numbers are going to drop. By this time more or less baby boomers pull up stakes be retired and collecting social security. This will arrange a big strain on the funds. There will be more mon ey going out then coming 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 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 barely in later years. Average benefits for low-wage earners would drop from $670 to $480(www.ssab). Theses cut would effect the people just starting to receive benefits and those who are already receiving benefits. And with each year these benefits will decrease. As these benefits continue to decrease the percentage of aged people living in poverty would rise(www.ssab).Most people believe this is hap because of the baby boomers genesis. There will be more people winning 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 deal with the problem. roughly suggest to raise taxes on social security In nightspot to continue paying full benefits in 2032 and for about 40 therefore, the honor would have to be changed to increase social security taxes by or so one-half, from the current 12.