In: Business and Management. Social Security History, Current Structure and Calculation of Benefits The Social Security Act was implemented in , after the stock market crash had wiped out the savings of millions of Americans, the nation reached out to their president to guarantee the elderly a decent income. The original Act provides retirement benefits payable to a person 65 years and older who were no longer working. There were very few people that had access to pension from their employers and through government pension programs. Most of the elderly lacked enough income to be living on their own without working. Roosevelt to create a social insurance program that ensures workers would have a source of income after they retired
Summary: The Social Security Administration
Essay on Social Security - Words | Bartleby
Please join StudyMode to read the full document. The article states that as a member of society, every individual has the right and claim to the social security. Therefore, individual is entitled to attain the social , cultural and economical rights. In simple words, signatories and participants concur that society should help individual in developing themselves and making most of the advantages with the help of authorities. Social security is defined as a particular social insurance program for retired and the immobilized persons. Its dimensions are broader in some countries, referring to the system, which provides economic security and financial aid to the people in time of certain risks. Social Security system in America The social security system is very broad and thorough program that provide benefits to millions of Americans each year.
Essay about Social Security
To qualify for most of these benefits, most workers pay Social Security taxes on their earnings; the claimant's benefits are based on the wage earner's contributions. The Social Security Administration was established by a non-positive law codified at 42 U. It was created in as the "Social Security Board", then assumed its present name in
Please join StudyMode to read the full document. In a survey taken by the workers the agency was voted seventh in the Best Places to work in the Federal government and even placed third in team orientation bas on the same survey. Social Security Issue The current Social Security system should be replaced by a mandatory private pension system. The current system entails workers being forced to give a certain percentage of money out of their pay checks to Social Security. This tax money is used to pay benefits to retired people, disabled people, survivors of workers who have died, and dependents of beneficiaries SSA.