Retirement Revamping Essay -- essays research papers fc

social protective c everywhereing is a major concern in American society today. accessible security measures first started in 1935 under President Roosevelt when he signed the Social surety Act that provided the elderly with guaranteed retirement income. In 1939, benefits for spouses, dependent children of retirees, and survivors of workers who survive before retirement were implemented by congress. In the 1950s, disenable workers were as well given benefits. Now days, Social Security is under close scrutiny. bullion are depleting, and Social Security is in need of some upright revamping. Many solutions have come forth, but the most workable invention is to create privatized investment accounts that allow individuals to have more influence oer their own money for retirement. (Weisman)In 2000, $402 cardinal dollars were spent to give over 45 million people benefits from Social Security. 63%, or $348 billion dollars, went to retired workers while the other 37%, or $54 bill ion dollars, was distributed among disabled workers and their families. As of 1950, there were 16 people paying Social Security taxes to every one retiree receiving benefits. Now, the ratio is at a sour 3.4 tax payers to every one recipient. (Clayton) Projectionists are saying that with the menstruum taxes and the current spending, more money allow be paid out than brought in by the year 2016. In fact, some say the deficit go out reach numbers totaling $17.4 billion in 2016. More over, if this trend continues, debt impart reach $99 billion by the year 2020 and $271 billion in 2030 projections show that funds bequeath be completely dried up by 2038 if nothing has still been done. (Weisman)Economists have several different proposals for how to order the problem. Some say that individuals should have complete control over their money to invest in the stock market as they choose. They see drop some of Social Security in the market as the solo way to eliminate the deficit. They say the deficit will soon increase with the baby boomers generation primed to retire in the next 12 years, and they believe the market is the countrys best bet to retain Social Security afloat. (Weisman) Others believe that just a few meek adjustments are needed to fix the problem. imaginations, such as the raising of utmost wages subject to a payroll tax and investing 15% of Social Securitys surplus in stocks, have been proposed to corporate trust in the aid of eliminating the de... ...e implemented in the younger American generation. This will save social security for its future recipients and create a check foundation for the upcoming generation. The fact of the matter is, Social Security will change, and it must change or else retirement for all will land up to exist.Works CitedClayton, Gary E. Economics Principles & Practices. Columbus, OH Glencoe McGraw Hill. 2003.Feldstein, Martin. Privatizing Social Security The $10 Trillion Opportunity. SocialSecurity Privatization. 11 Nov. 2004. .Ferrara, Peter. A Plan For Privatizing Social Security. Social Security Privatization.11 Nov. 2004. .Ferrara, Peter. The Failed Critique of Personal Accounts. 8 Oct. 2001. 11 Nov. 2004. . Orszag, Peter R. cost of Voluntary Individual Accounts for Social Security. 5 May2000.15 Nov. 2004. Rechtman, Yigal. The Idea of Privatization. Social Security and Privatization. 11Nov. 2004 Strengthening Social Security. The White House. 11 Nov. 2004Weisman, Jonathan. Bush Pushes for Overhaul Others Say Go Slow, If at all. ground forces Today.