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Social Security Essay

  • Submitted by: kaitlynnoble
  • on November 25, 2012
  • Category: History
  • Length: 1,962 words

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Below is an essay on "Social Security" from Anti Essays, your source for research papers, essays, and term paper examples.

Social Security is a form of insurance that covers some people from economic hardships. There are some situations that may affect the ability of individuals to provide for themselves or their families. Social Security benefits replace a percentage of your earnings when you retire, become disabled or die. Social Security funds are paid by the people and collected by the government and paid out to beneficiaries when they meet certain conditions. Your benefit payment is based on how much you earned during your working career. Higher lifetime earnings results in higher benefits. It is the role of the government to ensure that social security funds are available for the benefit of the intended group of people.  

Initial Social Security and Its Use
The Social Security program began in the U.S in 1934 following the great depression that caused major economic hardships. “The New York Stock Exchange Market collapsed in 1929. Several banks and other businesses collapsed, millions of people lost their jobs, and most of the elderly population depended heavily on others” (SSA). These hardships led to many calls for economic and social reforms. President Roosevelt signed the social security act into law in 1935. He originally envisioned Social Security as a new kind of government program, uniquely suited to its mission of promoting both the work ethic and the dignity of older individuals and their families. It was established as social insurance, not public assistance, even though that is the way it was depicted by people who were against it. The program was planned to provide a reliable retirement income to people at age 65. They would get no handout. Instead, workers would be required to contribute to their future retirement out of their current income and, by doing so, would earn the right to their Social Security pension. Even today, barely half of all workers have access to retirement plans at work, and millions reach retirement age without enough private savings to...

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MLA Citation

"Social Security". Anti Essays. 10 Dec. 2018

<http://snehaedu.com/free-essays/Social-Security-358256.html>

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Social Security. Anti Essays. Retrieved December 10, 2018, from the World Wide Web: http://snehaedu.com/free-essays/Social-Security-358256.html