Is Social Security Going Bankrupt?

Running Head : IS SOCIAL SECURITY GOING BANKRUPTIs tender security system going Bankrupt[Author s Name][Institution s Name] Is favorable surety going BankruptBackground of ResearchWhen the US Social shelter hideaway system was instituted in 1937 ane major objective was to provide incentives for older workers to retire so that more than jobs would be available for childlikeer workers . At that magazine , life expectancies were considerably lower , and there were far more working- get on with adults than elderly . Now , however , continuation of current welf be levels has been presented as a major funding problem .2 In to increase the ratio of workers who pay Social Security and Medicare taxes to the deed of people receiving Social Security retirement income and Medicare benefits , or at least to reduce the rate of decline public polity is turning toward encouraging people to delay retirement convertible changes in attitude are apparent throughout the preservation . In decades past , workers in the US were required by some(prenominal) employers to retire at a certain long time , usually 65 , and seldom later than 70 . instantly mandatory retirement periods are rare . How does the Social Security retirement system in the US workAll workers in the US are required to participate in the Social Security retirement program , regardless of citizenship . Currently , 6 .2 part of a worker s pay is withheld , up to a supreme that is adjusted annually An additional 1 .45 percent (with no maximum ) is withheld to support Medicare , making a The employer contri just nowes the same substance . Self-employed workers must pay not however their deliver but also the employer s portion , a percent up to the Social Security maximum for the year and then only the Medicare tax on any excessTo receive benefits upon retirement , maven must have received credit for working at least 40 quarters .

Full benefits have great been available at age 65 reduced benefits are available at 62 geezerhood of age , with change magnitude benefits for those who continue to work up to age 70 . In to help maintain the solvency of the system , the full retirement age (FRA ) is gradually being increased to 67 years of age for those born in 1960 and later .4 Reduced benefits are hush available at 62 years of age but provide be reduced proportionately more since they leave behind eventually be available up to five years earlier than the FRA . The maximum age for earning increased benefits for delaying retirement will still be age 70Most Americans know that Social Security is headed toward bankruptcy Nothing makes the point better than the poll interpreted a couple of years ago in which young people said they had a better chance of contracting a UFO than receiving Social Security benefits . But many may not know why the system is exist . In to develop a solution - one that meets my culture of saving Social Security for today s retirees and those near retirement , the baby boomers and their children - we need to understand the serious difficulties facing Social SecurityHowever , little...If you want to get a full essay, order it on our website: Orderessay

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