...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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...Is Social Security Enough to Rely on for Retirement Will Social Security be around when you retire? Should you rely on Social Security to cover 100% of your needs? Relying on Social Security 100% for your retirement needs could put your retirement years in financial hardship. Retirement could have different meanings for different people. Some people define retirement as no longer working; spending their golden years traveling and spending time with their spouse and/or family. To some, retirement means leaving their job they have worked at for many years and going to work part time at a job. If you plan on relying 100% on Social Security for your retirement, you may find that the part time job is no longer an option but a necessity. Social Security is a much like health insurance, it is not meant to pay all of your expenses. For example, your health insurance has a deductible you have to meet each year before the health insurance company pays 100% of your medical bills. Health insurance is intended to share the cost of medical bills, just like Social Security is intended to share the cost of the retirement needs and help prevent financial hardship. Think of the expenses you currently have, and while some expenses might go away as your become older or retire, the cost of living is constantly going up. The average person will only collect approximately 40% of what they were earning before retirement. If you currently make $70,000 per year and are accustomed...
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... COM 156 November 12, 2011 In the Unites States we do not need to plan for retirement. Social Security will cover our needs when we are retired. "The Social Security program is a pact between workers and their employers that they will contribute to a common fund to ensure that those who are no longer part of the work force will have a basic income on which to live. It represents our commitment as a society to the belief that workers should not live in dread that a disability, death, or old age could leave them or their families destitute." - December 20, 1977 President Jimmy Carter. "This law represents a cornerstone in a structure which is being built but is by no means completed--a structure intended to lessen the force of possible future depressions, to act as a protection to future administrations of the Government against the necessity of going deeply into debt to furnish relief to the needy--a law to flatten out the peaks and valleys of deflation and of inflation--in other words, a law that will take care of human needs and at the same time provide for the United States an economic structure of vastly greater soundness." -August 14, 1935 President Franklin Delano Roosevelt. The statement that Social Security will cover needs when one is retired is not only a myth but an ancient and outdated philosophy. As one looks into the Social Security today, one must look at the entire pie. Social Security is a tax paid by working men and women. A percentage of these...
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...Microeconomics Essay Assignment. 10/23/15 Social Security What is social security? What is the importance of social security in a citizen’s life? Different type of questions occurs when we discuss about the social security. This is one of the problems that United States has faced is their economy, but then again every country faces these kind of problems. Social security future solidity is one of the major issues in United States. What are the requirements for receiving social security benefits? How long do they prolong? Technically social security is a government program that helps workers and retired people and gives them benefit to spend the rest of life. Social security has different types of branches or different types of benefits we can call them. It is not only for retired people, it also helps people with disability, and people with no jobs. The benefits that come with disability and unemployment are limited. For example, its common sense if you find a job back you won’t be getting unemployment benefits, and if people that are disable start to show improvement in their health, their benefits will be terminated. Is the working population big enough to support the social security program for the future? However, there are costs and benefits for keeping this program. Is it possible that something else can be added to the social security program to help people more? Issues A lot of people these days’ worry about how to fix the social security issue. This is totally the wrong issue...
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...Outline I. Introduction- Social Security Will Not Meet Our Needs When We Are Retired. II. I believe that Social Security will not be around to cover our needs for retirement. A. I know there are a lot of facts out there to prove that my belief is right. Social Security we cannot depend on that is my point of view. B. To compare it to the amount of money that was made, Social Security is not even close to the amount you earned from working. So it is better to turn to the other options that will be around. III. The other options are 401k and other savings options where you can save your money for a retirement. A. If you have other options at least more than one that is suitable and there for when you retire you have plenty and still can enjoy your life like you want to. B. Just keep in mind that when you retire the money you save will need to furnish you for the rest of your days you live. Conclusion- I plan on telling people why it is not a good idea to just settle with Social Security for their retirement. When I reveal the other options and facts about Social Security what we will receive that is if receive anything when we get to retirement. I will prove that retirement really needs to be taking more seriously than people taking it. Then explain that we have to look out for our future when we are around the retiring age because Social Security is money that is taking from the people that work to pay for the people that are retiring or...
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...Retirement Planning and Social Security In the United States, we do not need to plan for retirement. Social Security will cover our needs when we retire. This is a common misconception among Americans simply because the Social Security program has been such a vital part of most everyone who has retired in our country for so many generations. We as Americans have grown to trust that our country is going to be not only able to give a portion back to us in our older years, but we feel it is our right as Americans to finally receive a little financial peace after a lifetime of labor and dedication. While all of these feelings are completely justified, there are a few questions we need to ask ourselves to ensure that freedom. We need to decide what exactly are our needs going to be at this point in our lives, and what we can realistically look forward to from Social Security, and finally educate ourselves on the alternatives and supplements that may be offered to us. Naturally you will want to know how long your retirement money will last you. First you must tackle an even tougher question; How long will you live? The life expectance for both men and women has increased over the past several years mostly due to such great strides in healthcare. If we only knew what to expect it would make planning much more precise. There are a few fun ways to gather an educated guess, by going to the Paul Beson Faculty Scholarships Aging Research Program you are able to fill out a life expectancy...
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...are single parent families, the sick and disabled, and the unemployed. A group which experiences sever difficulties is new immigrants from China. These families suffer considerable hardship. As a result, Social Security becomes an important issue in Hong Kong. Social Security is societal and collective measures to provide financial and psychological security to people of the community against certain risk in and contingencies of life, especially when certain life-risk and contingencies can hardly be resolved by individuals' effort. The typical examples are retirement, accidents, misfortune, maternity, illness, death, poverty, disability etc. One of the aspects of social security measures is income protection at times of poverty, especially provide support for the immediate needs of the people. Comprehensive Social Security Assistance (CSSA) in Hong Kong is an example. Social security can also diversify the risks and redistribute the resources within the society. It functions as a social insurance scheme. Attaining the goal of mutual help. Furthermore, social security likes a retirement scheme distributing the resources over one's lifetime. The Mandatory Provident Fund (MPF) and Central Provident Fund (CPF) are the typical examples. B. Background of Social Security in Hong Kong In the early stage, the voluntary bodies, largely religious bodies and charity organizations provided pubic assistance to those poor people. However, in 1948, the extreme levels of poverty...
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...SOCIAL SECURITY FOR DEVELOPING NATIONS “If a free society cannot help the many who are poor; it cannot save the few who are rich.” ~ John F. Kennedy, Kennedy’s Inaugural address of 1961. "Social Security. . . reflects some of our deepest values--the duties we owe to our parents, the duties we owe to each other when we’re differently situated in life, the duties we owe to our children and our grandchildren. Indeed, it reflects our determination to move forward across generations and across the income divides in our country, as one America." ~ William J. Clinton INTRODUCTION Social security is a program that uses public funds to provide economic security to the public in case they suffer from a contingency. Usually Germany is known as the first country to have started with this program. It was designed by the German Chancellor, Otto von Bismarck. It was done by him to promote the well-being of workers for an efficient economy. Although social security tends towards socialism, Bismarck was a staunch “right” supporter. In fact, he launched this plan to stave off proposals of radical socialism. The American Civil War also saw some true government relief programmes that could be called as social security programmes. The Civil War Pension Program was signed into law in 1862 and provided funds to American soldiers who were disabled in battle. In 1937, Franklin Roosevelt signed the Social Security Act. In 1950, social security also adjusted it according to the prevalent...
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...The failure to fund the Social Security system properly has resulted in a situation where the system will go bankrupt in the relatively near future. The privatization is the best way to ensure the future's of Americas senior citizens. After 2013, the Social Security Trust Fund is projected to decline by a greater amount each year until becoming exhausted in 2033. Social Security is a wonderful benefit for those who deserve it like long term workers, the elderly, etc. For as long as the baby boomers do not come back around like it's subjected to, the US is already in debt and Social Secuirty will be next. I agree with social security for the fact that it does help elderly and the workers who have worked their whole life, they deserve to get something back for their troubles and all the years they've put in. Social security does get taken advantage of though which is a downfall because there are workers in households who will only work for a month or two and then expect to be put on a social security check and not deserve it. In general, recipients begin to receive disability benefits after they have been disabled for five full months whether their disability be true or not. Those households are the ones who are putting America more and more in debt because those who are working are paying into their funds. In 2010 roughly 1,500 federal employees may have improperly received benefits based upon their wages exceeding maximum income thresholds. Disability benefits are calculated...
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...It is thought that in the United States a person does not need to plan or save for retirement because social security will cover our needs when we reach the age of retirement. It is thought that social security will always exist, and we will be able to live off the amount of benefits that we each will receive. This would be one of the worst thoughts a person should have in his or her mind. What kind of savings or other forms of financial income would a person is able to depend on if the social security program should happen to cease? It would be a mistake to entertain this type of thinking because social security is not only going bankrupt, but there is also a possibility that the social security program will cease to exist. I strongly urge Americans to think momentarily about the amount of benefits that he or she will receive and if it will be enough money to keep up the cost of living, and to support a family at the same time . We, as Americans, should start to save money for the retirement years at an early age instead of depending solely upon living off social security benefits. The facts are that social security system will most likely be bankrupt or non-existent when the younger generations reach the age of retirement. The social security program has been in trouble for a number of years and is one its way to becoming bankrupt. According to The Heritage Foundation, “As millions of baby boomers approach retirement, the program's annual cash surplus will shrink...
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...around you, according to the U.S. Social Security Administration’s Official Website “one out of every six people you encounter is on some form of Social Security.” Whether it is Social Security Disability Insurance (SSDI), which is for insured workers, disabled spouses, and children disabled before age 22 of disabled, retired or deceased workers. Or Supplemental Security Income (SSI), which is given to people with little or no income, it is costing the United States government over $66 billion a year to fund. Furthermore, West Virginia leads the nation in the percentage of recipients on Social Security with a whopping 24%, or one out of every four people. (“Quick Facts”) The Supplemental Security Income (SSI) program was created in 1972 to establish a minimum income for elderly, blind, and disabled people who were unable to work. As a Bail Enforcement Agent my job is to bail people out of jail who have been charged with a crime and are incarcerated. Almost 80% of the people I bail out of jail are receiving some form of SSI, or have an immediate family member who does. The crimes they commit range from domestic violence, breaking and entering, DUI, robbery, and illegal prescription drug distribution. Should the people who go out and commit these crimes be entitled to such generosity from our Government? Is anyone considering the people who work hard to support their families and are paying to fund these programs? The United States Government needs to implement some type of SSI...
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...reproduction is a need. Reproduction may not seem important because of the large populations today, but it is a basic need that we aren’t meeting here in the United States. Corning lists it as one of the fourteen basic needs because it is crucial for the survival of the species and will cause a variety of harms if it is not satisfied. It’s common knowledge that in order for a species to survive, it must reproduce itself. This applies to the human race as well. In the long-term, consequences of not enough reproduction could be extinction as we know it. However, more realistically, in the short term, it is essential for normal day-to-day and economic productivity. If there aren’t enough people around in your age group due to low reproduction, social relations become difficult, and so does communication. Economically, if there aren’t enough people participating in the market, then it will grow unstable. On an individual level, once a child is raised in a family, there will be an economic return in them providing for that individual later. This could be accomplished through direct interaction from child to parent, or from someone receiving benefits from someone else’s child from the Social Security Administration after retirement. That is the focus here. If we cannot successfully reproduce over the next generation, then there won’t be enough workers to attend to the retirees from the previous generation that rely on Social Security. This makes reproduction a need. Why it isn’t being...
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...| Social Security | Should we really fight to save it, or move on? | | A very great deal of people believe that Social Security will be around for everybody and forever, but in reality the program is experiencing a shortage that could end the program within the next 10 years. Based upon the current statistics from the Congressional Budget Office, Social Security will pay out more than it receives for the year 2010. Another problem is that within the same report from the Congressional Budget Office, by the year 2018 the trust fund used to pay Social Security benefits will be exhausted. I think that if we take better control of where the money is spent as well as offer more options besides Social Security, we will eventually save money instead of losing it. According to a Congressional Budget Office report on the trends and implications, the current practices by the Social Security Administration make the program unable to remain financially sustainable. According to the Congressional Budget Office, “Since 1970, the number of individuals receiving funds from the SSI has more than tripled from 2.7 million to a current 9.7 million.” From their same report, due to budget shortfalls as well as a rapid increase in payouts the Congressional Budget Office is predicting that the program could run out of money and fail. My biggest concern with our government is that nobody seems to be too concerned about this program. I worry more about the current receivers of benefits...
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...Defining Security “Security” comes from a broader subject referred to International Relations which is the study of all political cooperation that occurs between states that have their own government, international organizations with or without government influence, and some wealthy separate individuals. “Security Studies concerns itself with a sub-set of those political interactions marked by their particular importance in terms of maintaining the security of actor” (Hough 2008: 2). Depending on the emergency of security of an actor will depend how a government or country will act on the security measure. For example, concerns relating to health and rights of the people will be at top on the global political agenda compare to other events such as natural disasters or mass killings are rarely seen as security concerns. It might be of importance to the people that these events are happening to, but not to the people not being affected. There are four main paradigms of International Relations that affect issues in security. Those paradigms are Realism, Pluralism, Marxism, and Social Constructivism. Realism is the idea that states should be self-centered, competitive, and should look after themselves and not trust any other states. The state should do anything within its reach to expand its power in wherever possible being in military or economic sectors in order to secure themselves and be at the top. Realists tend to favor governments that separate the high and low...
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...Could there have been anything complicated in those times, many millennia ago? In fact, there was: security. It must have been an enormous stressor to guard your cave dwelling from other primitive beings looking to gain something they were not entitled to. Maybe they suspected personal items such as weaponry or stored food, or to take a peek at your secret glyphs—directions to a source of something valuable. Today, we may not live in caves, and as such our secret information may be stored in sophisticated machinery rather than drawings on cave walls. However, human nature to steal and protect is still as common as it was in early humans. It was not so long ago that the home computer was in its primitive stage. In a few decades, this “advanced typewriter/calculator” has evolved into a way of life, along with its own set of threats to our security. These threats can be categorized as either software or behavioral, and can certainly be combined. Social engineering is a behavioral type of threat. It does not need to apply just to computers. Some social engineers call you on the telephone attempting to get you to reveal personal information, such as your social security number. But this can be done through email, as well. You may think the email is from someone you trust and you respond with information, such as passwords. Passwords, however, are not just revealed to the social engineer through intimidation or deception. They are also discovered by the clever Cracker, by using...
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