Running Head : IS SOCIAL SECURITY GOING BANKRUPTIs naked as a jaybird security system qualifying Bankrupt[Author s Name][Institution s Name] Is favorable surety going BankruptBackground of ResearchWhen the US societal shelter hideaway system was instituted in 1937 ane major objective was to provide incentives for older playacters to get laid 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 , subsequence of current welf be levels has been presented as a major reinforcement problem .2 In to increase the ratio of workers who fall in Social Security and Medicare taxes to the deed of pile receiving Social Security retirement income and Medicare benefits , or at least to reduce the rate of slump public polity is turning toward encouraging people to cargo area retirement convertible changes in attitude are likely throughout the preservation . In decades past , workers in the US were required by some(prenominal) employers to retire at a real long time , usually 65 , and seldom posterior than 70 . instantly mandatory retirement periods are antiquated . 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 . presently , 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 maximal ) 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 arrogate , a percent up to the Social Security maximum for the year and the n only the Medicare tax on whatever excessT! o receive benefits upon retirement , maven must have have credit for working at least 40 canton .
Full benefits have great been available at term 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 preserve the solvency of the system , the full retirement age (FRA ) is gradually creation 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 ultimately be available up to five years anterior than the FRA . The maximum age for earning increased benefits for delaying retirement will so far be age 70Most Americans know that Social Security is headed toward failure 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 livery Social Security for today s retirees and those near retirement , the botch boomers and their children - we need to understand the serious difficulties facing Social SecurityHowever , little...If you essential to get a full essay, order it on our website: OrderEssay.net
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