Wednesday, February 25, 2009

Social Security




By Lindsay Chin

Social security was designed to provide security for individuals, to protect individuals from unforeseen catastrophes. It spreads the risks among members of a society so no one single family bears the burden. Social Security was created in 1935 to provide old age, survivors, and disability insurance benefits to workers and their family. Depending on an individual or his or her family contributed depends on the benefits that are paid to the individual. Social security is one of the three things to consider when planning for your retirement. Social security Opponents to social security have been striving to convince American workers that social security will not exist by the time they retire. And many people believe that social security is going broke and there will not be enough funds for the future. However that is not a truth. Social security can pay 100% of promised benefits until 2040 and any incoming revenues are enough to pay more than 70% of the benefits in the future. To be fair for future generations there the government would need to strengthen social security. Those who oppose can be considered alarmist, those who are hostile to the government and favor replacing all or part of the nation’s successful and essential programs with private investment accounts.

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