Saving social security essay conclusion
support of the wealthy would also be lost. There are many possible approaches that can be concluded, the two main ideas are either getting rid of Social Security also known as "privatization or merely cutting back. The biggest is deciding how to finance Social Security for people retiring before this reform, since Social Security is run as a pay as you go system. The advantage of this is that if market trends continue the government will generate gain an additional after inflation interest rate of about. Got a writing question? This plan is strongly backed by labor and retiree groups, but it may not be accepted because of fears of government ownership of the stock in private companies. Currently the retirement age is expected to rise from 65 to 67 in 2037. This plan could become the standard plan for radical reformers, but it is likely that it will not be supported by congress.
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The trust fund that Americans have been paying into for Social bachelor thesis science fiction Security is likely to dry up in 2029 due to the large number of baby boomers heading into retirement. These reform proposals are different variations of investing Social Security taxes in the stock market and the use of private savings accounts. This would decrease the amount of benefits being paid out, and give two more years for these individuals to put money into the system. This plan would divert into savings accounts 5 percentage points of the.4 payroll tax paid by workers 54 or younger and employers. The baby boomer generation has also created a 500 billion surplus from recent years which will be enough to finance the their retirements. A recent poll by Money magazine found that 70 of the public is unwilling to pay more tax than the current.2 rate. The private savings accounts could be good for the economy. In today's society there is a problem that has been progressing worse as the days go bye. Our Documents - Social Security Act Amendments 1965 When used properly, social media can be a powerful means of candidate identification, selection, and retention. This solution isnt likely to be implemented by todays political system. 537 dollars a month is the average benefit for a low wage retiree, which is clearly not enough money to live comfortably with. The first way to reduce the amount of benefits that are being paid out is to adjust the CPI.
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