...Many individuals believe they can rely on Social Security to cover their needs when they retire. However, if they do not take the responsibility of planning and saving for their retirement today, they will find themselves working far longer than they expected or living at a lower standard of living. Social Security was introduced during the Great Depression by President Franklin Roosevelt to provide benefits to those who qualify for retirement, disability, and death. The system is set up so that it funds itself. It uses the funds that working individuals pay into it through taxes and pays out to those collecting Social Security. This means that even though working individuals are paying the Social Security taxes today, it does not necessarily mean the money will be available for them to collect when they retire. This is because the money does not go into a retirement account for each individual paying the taxes and saved for their retirement, but instead is used to fund the system for today’s retirees. When the amount collected from tax deductions is greater than the payout to participants, the excess money is saved in the Social Security Trust Fund. Many people believe that relying solely on the Social Security System for their retirement needs is a secure plan. They assume that as people retire, there will always be a younger generation working to fund the system for current retirees’ Social Security benefits. However, this is not exactly the case. As Baby Boomers are retiring...
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...The Reliability of Social Security The Reliability of Social Security For several years now the general public and politicians have debated the long term solvency of the Social Security system. While Americans continue to pay weekly, biweekly or monthly into the program no one person seems to understand whether or not the Social Security Department is stable enough nor is it even going to be around when they retire. The purpose of this debate paper will be to provide you the reader with enough information written from both sides of the argument and providing you with resources enough that you can continue your own research in order to form your own opinion of whether Social Security is Reliable or not. The first order in this debate is to argue that Social Security is solvent and reliable. And how do we know this? This is where understanding Social Security gets a bit tricky. One has to understand that we have a group of “Social Security Trustees” who oversee the funds and report out on the funds on annual bases. According to the Social Security web site and the Trustees reports the” program and report on it financial conditions, program cost are expected to exceed non-interest income form 2011 onward. However, due to interest (earned at 4.4% rate in 2011) the program will run an overall surplus that adds to the fund through the end of 2021”. What means to me is the system is a “pay-as-you-go...
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...in employee benefits that we discussed in class? Chapter 2: Employee Benefit Management and Planning What are some of the employer objectives when designing a benefit plan? How specific are these stated goals, and how easy are they to measure? How do employers determine who should receive benefits, and how do they decide what types of benefits to offer? What are the advantages and disadvantages of a market research approach? What are the advantages and disadvantages of using top management’s perception to design an employee benefit plan? What is the life-cycle approach’s main recognition? What is the work-life approach’s main recognition? What are some of the methods used by employers to control costs? How could self-funding control costs? What methods do employers use to communicate employee benefits information to employees? What factors influence the outsourcing of employee benefits? What is meant by outsourcing serving as a “buffer” function? Chapter 3: Social Security and Medicare Why does social insurance exist? What are some of the characteristics of social insurance? What benefits are included in the Social Security program? (OASDI) What are the tax rates for Social Security and Medicare? What is the wage limit for Social Security? What is the wage limit for Medicare? How does the “employer match” work? How does one qualify for Social Security benefits? How many credits must one have...
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...Later Adulthood Development Today people who are age 65 or older make up more than one tenth of the U.S. population and are the quickest growing age group (Zastrow & Kirst-Ashman, 2010). As adults reach later adulthood, they begin to undergo mental, physical, and social transformations. All of these changes are experienced and handled differently by each individual. Time and planning help to alleviate stress and can make these changes easier to deal with. Family and friends are an exceptional source of support during these tough times. During later adulthood a person experiences changes in role and social status. This is a period in life where one generally spends time relaxing and pursuing leisure activities. One also starts taking more interest in their household and family. Some seek part-time or volunteer work, whereas others pick up hobbies. As long as a person can safely do the things he or she wants to do, there is no reason anyone should prevent him or her from doing so. Older people tend to take part in a less active role in social life because of retirement and decline of income (Dale, Smith, & Norlin, 2009). However it is imperative for the older generation to remain active as it is stimulating mentally, socially, and physically. It is also healthy for them to feel like productive people in society, which boosts their feelings of self-worth and self-esteem. In many cases, because of retirement, there is role reversal (Zastrow & Kirst-Ashman...
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...Social Security and Retirement in the United Stated Com156 Date Social Security and Retirement in the United States It is important to plan for retirement because Social Security alone will not cover all of our needs by itself. I will also explain the need for another source of income other than Social Security. Social Security alone will not be enough to cover one’s needs when he or she retires simply because there is no one that can survive off less than $2000.00 a month. The way the government is borrowing from Social Security and the way it has been projected, some believe there will be no more Social Security in years to come. This is why every adult in the United States should start planning when they are younger for their retirement. Social Security is a program that was developed to ensure that people of retirement age will have money to live off of when they do decide to retire. This program was created in 1935, and was called “the system of old age benefits.” In 2007, the Social Security Administration had a net worth of about 785 billion. The expenses that year were about 594 billion dollars. The year of 2007 had 49 million people that received benefits. It is said that by the year 2018, negative effects on the federal budget are going to be experienced. The government has borrowed millions of dollars from Social Security, $159 billion in 2004 to be exact, and that is not the only time it has happened. According to the Social security...
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...ADMINISTRATIVE SCIENCE AND POLICY STUDIES AM228: BACHELOR OF ADMINISTRATIVE SCIENCE (HONS.) ADM653: SOCIAL SECURITY AND EMPLOYEE BENEFITS ADMINISTRATION TOPIC: DEVELOPMENT OF SOCIAL SECURITY IN UNITED STATES PREPARED BY: AFIQAH BINTI MAD KASSIM 2013455736 ALIA ATIQQAH BINTI ADENAN 2013 FIQRIN HANIS BINTI ROSLI 2013488894 INTAN SURAIYAH BINTI RAMAT 2013460818 NUR AMILY BINTI ZAINUDDIN 2013439594 GROUP: S3BA5G (SEPT 2015) PREPARED FOR: SIR SUHAIMI BIN ABD SAMAD SUBMISSION DATE: 13 OCTOBER 2015 1.0 Introduction United States Social Security Administration focused on social insurance. The concept of social insurance in United States is from the individuals’ contribution to the government revenues managed by the governments and this fund will used to provide income to them when they become disable to support themselves through their own labours. For example, benefits in United States system are measured such a low income person get the higher benefit than those persons with higher earnings as the high income person get the lower benefits. 2.0 Types of Social Security Benefits in United States. 2.1 Disabilities Benefits Social Security disability benefits is for people whose age 18 or older, unable to work due to the medical condition that’s expected to last at least one year or may result to death and not receiving any benefits on their own Social Security record. Not limited to that particular of disability person, but the family members like spouse...
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... Review of Older American Act…….. ………………………………………………………4 Older American Title Review…………..…………………………………………………….5 Amendments………………………………………………………………………………….9 Strength and Weakness of Older American Act……………………………………………..14 Recommendation…………………………………………………………………………….15 Conclusion … ………………………………………………………………………………16 References……………………………………………………………………………………17 Introduction The new deal program of the 1930’s was enacted by congress to address economic issues during the Great Depression. The Social Security Act of 1935 was a response to criticism for the lack of aid to retired workers age 65 and older and who no longer worked (justfacts.com). This law created "a system of Federal old-age benefits" (justfacts.com). The new act provided pensions, unemployment insurance to nonagricultural` workers, commerce workers, aid to the blind, deaf, disabled and dependent children. Social security provided old age assistance and old age survivors insurance. Social security payment amounts were based on payroll tax contributions. President Roosevelt named this act as “a cornerstone in a structure which is being built but it is by no means...
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...able to depend on our own selves and that is where psychological stress may impair our vision of retirement should be. Now, I ask, why do we retire? Obviously, to enjoy what we have achieved from all the hard work that have had to endure. For some it may come easy; for others it becomes a difficult stage where independence becomes dependence and that is where anxiety and depression come in to play. In this paper, I will discuss the findings psychologists that have studied the effects of this life stage. First, let’s review the psychological perspective of retirement. As stated by Kenneth S. Shultz and Mo Wang, “Retirement is an interdisciplinary topic studied by researchers in psychology, sociology, social work, demography, economics, and organizational sciences…” Because of this, literature on retirement has grown a great deal and has research has taken many different forms. The basic conclusion is simple; retirement is a process that older individuals go through and it does not consist of only a single event. We must understand that this process is different for each individual and this has made researchers get a better psychological perspective of the study of retirement. To be able to understand retirement we must first go through history and where the concept comes...
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...A Research Paper Objective: This assignment gives you an opportunity to expand your knowledge by exploring an insurance topic not covered in class. You'll also have an opportunity to work with fellow class members and "pick each other's brains" as you research your topic. Here's what you need to do: 1. Form a group of 2 to 3 members. 2. Select a life/health insurance topic of your interest. If you are looking for suggested topics, here are a few research areas I would like to suggest: * Aging and society: economic, political and social issues * Securitization of longevity risk * Demutualization of life insurers * U.S. healthcare reforms * Medical malpractice insurance crisis in the 1970s and1980s, and current issues * Financial crisis and impact on the life/health industry * Managing longevity risk 3. Each group need to turn in selected paper topic and name of group members (the selection form on page 5) by March 25th. 4. Each group will present their paper in the last week of class. 5. Submit a full paper about 8-10 pages (double-spaced) and the PowerPoint of your presentation to ReggieNet by May 10th. 6. Each group member should submit a peer evaluation form electronically to ReggieNet by May 10th. 7. Late submission will result in one point deduction in grade each day. Requirements * Write professionally: succinctly, proper sentence structure, proper grammar, proper spelling, professional style, and...
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...one of the most influential theorists and researchers the development of the welfare state. His most important work is The Three Worlds of Welfare Capitalism which was first empirically tested theories about the different types of welfare regimes in the developed countries. This work has made a very strong impact on research in the area of social policy. By Esping Andersen there are three types of welfare regime: * social democratic regime; * conservative-corporatist regime; * liberal-democratic regime. The welfare state is a specific historical construct that has developed between the thirties and sixties, based on a new social contract between the state and citizens, which provides basic social redistribution of risk. Social-democratic regime is called the Scandinavian or Nordic. Social rights are based on the status of a citizen, that is, on citizenship. Therefore, this system guarantees the social rights of all citizens. In the social-democratic welfare state services are cover a wide range of social risks. This regime seeks to minimize the role of the market or break the connection between the market and social welfare of citizens. It was developed...
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...Social Policy Introduction Social Policy is an educational subject concerned with the lessons of social activities and the welfare condition. The Department of Social Policy at the London School of Economics names social policy as "an interdisciplinary and practical subject concerned with the analysis of societies' reactions to social need. It search for foster in its students a aptitude to understand hypothesis and proof strained from a wide variety of social science regulations, including sociology, economics, geography, psychology, law, history, political science and philosophy. The name ‘Social policy’ is used to relate on the policies which governments use for social welfare and social security, on the methods in which social benefit is developed in the society and on the educational study of the subject. It also stands for a series of issues broaden far away from the procedures of government-the means by which welfare is encouraged, and the social and economic situations which outline the expansion of welfare. The principle areas of social policy are given below, * Social services, social safety ,community care, education; * Social troubles which includes crime, disability, old age ; * Race, gender, poverty are also included. Task-1 1.1 Identify the historical and contemporary landmarks in social policy and analysis the historical land marks of social and welfare Policies of historical and contemporary landmarks explain that how the qualities of existence...
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...in the work houses, adults and children worked for several hours in the day. The children did receive education in the work houses, in return for their labour. The aim was that the outcome of being unable to support yourself or family was so harsh and severe, that it would stop anyone from wishing to enter (The National Archives, 2014: 1). The Second World War saw a shift from the Poor Law to the Welfare State through the Beveridge Report. “No one, not even Beveridge himself, ever planned the Welfare State, nor has it been a direct outcome of any political or social philosophy”, (Bruce, 1961: 13). “It has been in fact no more than the accumulation over many years of remedies to specific problems which in the end have reached such proportions as to create a new conception of governmental responsibility”, (Bruce, 1961: 13).” The Beveridge Report of 1942 was the culmination of a review of the whole of social security provision in Britain commissioned by the Wartime National Government”, (Alcock, 1987: 51). The Wartime National Government only set out to tidy Britain up, not to make the huge changes Beveridge reported were required. Beveridge found that Britain had five giant evils to slay. Want (poverty), idleness (employment), ignorance (lack of education), squalor (poor housing) and disease (health). The government on receiving the report took serious consideration on whether to publish the report or not. It was in fact published and people queued to purchase a copy (Abel-Smith...
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...Department of the Treasury Internal Revenue Service Contents What’s New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reminders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Calendar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Employer Identification Number (EIN) . . . . . . . . 2. Who Are Employees? . . . . . . . . . . . . . . . . . . . . . 1 2 6 7 8 9 Publication 15 Cat. No. 10000W (Circular E), Employer’s Tax Guide For use in 3. Family Employees . . . . . . . . . . . . . . . . . . . . . . . 10 4. Employee’s Social Security Number (SSN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 5. Wages and Other Compensation . . . . . . . . . . . . 11 6. Tips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 7. Supplemental Wages . . . . . . . . . . . . . . . . . . . . . 15 8. Payroll Period . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 9. Withholding From Employees’ Wages . . . . . . . . 16 10. Required Notice to Employees About the Earned Income Credit (EIC) . . . . . . . . . . . . 20 11. Depositing Taxes . . . . . . . . . . . . . . . . . . . . . . . 20 12. Filing Form 941 or Form 944 . . . . . . . . . . . . . . 24 13. Reporting Adjustments to Form 941 or Form 944 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 14. Federal Unemployment (FUTA) Tax . . . . . . . . . 28 15...
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...Department of the Treasury Internal Revenue Service Contents What’s New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reminders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Calendar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Employer Identification Number (EIN) . . . . . . . . 2. Who Are Employees? . . . . . . . . . . . . . . . . . . . . . 1 2 6 7 8 9 Publication 15 Cat. No. 10000W (Circular E), Employer’s Tax Guide For use in 3. Family Employees . . . . . . . . . . . . . . . . . . . . . . . 10 4. Employee’s Social Security Number (SSN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 5. Wages and Other Compensation . . . . . . . . . . . . 11 6. Tips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 7. Supplemental Wages . . . . . . . . . . . . . . . . . . . . . 15 8. Payroll Period . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 9. Withholding From Employees’ Wages . . . . . . . . 16 10. Required Notice to Employees About the Earned Income Credit (EIC) . . . . . . . . . . . . 20 11. Depositing Taxes . . . . . . . . . . . . . . . . . . . . . . . 20 12. Filing Form 941 or Form 944 . . . . . . . . . . . . . . 24 13. Reporting Adjustments to Form 941 or Form 944 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 14. Federal Unemployment (FUTA) Tax . . . . . . . . . 28 15...
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...Savings - Social Security Is Not Enough Vickie Malone University of Phoenix University Composition and Communication l1 Dr. Patricia Akojie September 3, 2011 Savings – Social Security Is Not Enough This paper will explore the grave injustice most Americans are experiencing when it comes to the current Social Security Program. I plan to discuss the effects of the Social Security on Americans by answering the question about root causes, best outcomes, and many tactics. I will identify the supporting factors by researching data, identifying the problems, and validation of actions of Americans. The conclusion will further demonstrate the flaws in the current system and offer Americans a possible solution for the corrupt program. Catastrophic results will come to those American relaying solely on the Social Security program as the means of financial stability in their retirement years. Unless there is an alternative plan in place for the current disintegrated Social Security Program, Americans will be left without sufficient funds to maintain a comfortable life-style. Every employed American knows what the acronym FICA stands for; First In Cunning Americans. In the year of 1935 Franklin Roosevelt proposed a Social Security program to establish benefits for individuals once they reached retirement age. The benefits would be for each working-class American. This was indeed a great gesture to secure American future back then, but it is certainly not the...
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