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Social Security

Social Security faces a financial challenge from the impending retirement of the largest generation in American history, the 76 million persons born in the “baby boom” years, from 1946 through 1964. Boomers began to reach age 62 in 2008. The cost of Social Security will rise faster than tax income because the population over age 65 will grow faster than the working-age population. Both the baby boom generation and increasing life expectancy after age 65 contribute to an aging population. When Social Security began in 1935, life expectancy at age 65 was 12.5 years. In 2012, it was 20.4 years for women and 17.9 years for men. By 2030, it is projected to be 21.7 for women and 19.5 years for men. But these gains in life expectancy are not shared evenly throughout the population, with less-advantaged groups generally seeing smaller increases in life expectancy. While the number of beneficiaries will grow, tax rates remain unchanged in current law. Social Security is written about almost exclusively in terms of its financial health. For example, the trustees for Social Security reported that without legislative changes, the program's financial reserves would be exhausted by 2033, and it would thereafter be able to pay only about 75 percent of its legally required benefits. It's important to note that older adults only represent one group who receives benefits from the program. The Social Security Administration is struggling to properly meet its obligations to 57 million beneficiaries – 40 million retired workers and dependents of retired workers, 6 million survivors of deceased workers and 11 million disabled workers and dependents of disabled workers. For this assignment, review the articles below (attached). Answer the following questions: 1. Is Social Security important to our society? 2. Are older adults to 'blame' for the impending Social Security crisis? 3. Do other factors exist that have contributed to the instability of the Social Security system? 4. Do you propose changing the system? Explain why or why not.
Social Security faces a financial challenge from the impending retirement of the largest generation in American history, the 76 million persons born in the “baby boom” years, from 1946 through 1964. Boomers began to reach age 62 in 2008. The cost of Social Security will rise faster than tax income because the population over age 65 will grow faster than the working-age population.
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Assignment ID
19457
Discipline
CREATED ON
31 March 2016
COMPLETED ON
2 April 2016
Price
$40
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