Social Security
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Social Security is a public retirement pensions system administered by the federal government, and covering most US employees, giving them an average of $8000 for a single person and $14,000 for a couple, providing them with a base income during retirement (Moody, 2002, 215). It was never intended as a sole income source, and most people have other retirement accounts and investments to supplement this income. The problem ahead now is that as the baby boomer generation nears retirement age, and the federal government keeps borrowing from the social security fund to pay for other programs, that there will not be sufficient funds to keep social security payments flowing to new generations of retirees. As it is, the current payments do not even come near the national poverty level income, so those who do not have other sources of support, or who saw their savings and retirement accounts evaporate in the stock market crash of recent years, will be in dire need of some sort of financial assistance. Currently, Social Security is funded by a payroll tax which is regressive, with everyone paying 7.65 percent, but only on the first $80,000 of earnings, meaning even people earning millions are only paying the same as someone earning $80,000 (Moody, 2002, 216). This places a heavy burden on the poor for supporting Social Security. The distributions go down as earnings rise, but people with higher incomes still receive higher benefits. Another problem is what is known as the de
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Some common words found in the essay are:
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Approximate Word count = 1077
Approximate Pages = 4 (250 words per page)
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