close
test_template

Ways to Fix Social Security's Funding Shortfall

Human-Written
download print

About this sample

About this sample

close
Human-Written

Words: 411 |

Page: 1|

3 min read

Published: Jul 30, 2019

Words: 411|Page: 1|3 min read

Published: Jul 30, 2019

Social Security is necessary to our elderly’s financial security and roughly “pays out $800 billion a year in benefits”. Lately, however, the conversation surrounding the SSI program has been one filled with uncertainty because soon there will be more citizens withdrawing funds from the pot than those who are putting in. In the article, “Ways to Fix Social Security's Funding Shortfall” we are given three modifications that could improve the social security system’s efficiency and sustainability for the future.

This first proposal is to increase the retirement age to 70 years old. Citizens can freely retire before this age, but they must retire using their own personal savings. The problem I foresee with this idea is that there are many citizens who do not have a huge retirement savings plan set up for themselves. Most retirees depend on SSI to keep them above the poverty line which means they may not have enough privately saved to keep them afloat until they reach the required beneficiary age. Consequently, these elderly men and women would have no choice but to keep working until they reach age 70 which is absurd for a developed country. In my opinion, the age should stay around 65-66 and the elderly should receive the money they deserve because when it’s our turn to retire we will want the same in return.

The second idea to increase social security funds is to reduce the cost of living by 0.3 percent. It seems to me that this is equivalent to the government deciding to lower minimum wage based on what they think the cost of living is. It’s not fair and the cost of living is actually going up not down so morally I think we should pay retirees accordingly.

Get a custom paper now from our expert writers.

The last plan is to raise the wage ceiling which would increase how much of each workers’ salary can be taxed. The 2018 base tax is $128,400 so an individual who earns this or more will contribute a yearly $7,960.80. I really like this idea as opposed to the former two because those who make more can afford to pay more and it makes the SSI program more progressive instead of regressive. Also, according to the textbook, there was only 2.8 workers for every beneficiary in 2014 (222) so if there are fewer people in the workforce they we will have to pick up the slack. And in the end, these larger inputs will be recuperated by the workers when they retire.

Image of Dr. Oliver Johnson
This essay was reviewed by
Dr. Oliver Johnson

Cite this Essay

Ways To Fix Social Security’s Funding Shortfall. (2019, July 10). GradesFixer. Retrieved December 8, 2024, from https://gradesfixer.com/free-essay-examples/ways-to-fix-social-securitys-funding-shortfall/
“Ways To Fix Social Security’s Funding Shortfall.” GradesFixer, 10 Jul. 2019, gradesfixer.com/free-essay-examples/ways-to-fix-social-securitys-funding-shortfall/
Ways To Fix Social Security’s Funding Shortfall. [online]. Available at: <https://gradesfixer.com/free-essay-examples/ways-to-fix-social-securitys-funding-shortfall/> [Accessed 8 Dec. 2024].
Ways To Fix Social Security’s Funding Shortfall [Internet]. GradesFixer. 2019 Jul 10 [cited 2024 Dec 8]. Available from: https://gradesfixer.com/free-essay-examples/ways-to-fix-social-securitys-funding-shortfall/
copy
Keep in mind: This sample was shared by another student.
  • 450+ experts on 30 subjects ready to help
  • Custom essay delivered in as few as 3 hours
Write my essay

Still can’t find what you need?

Browse our vast selection of original essay samples, each expertly formatted and styled

close

Where do you want us to send this sample?

    By clicking “Continue”, you agree to our terms of service and privacy policy.

    close

    Be careful. This essay is not unique

    This essay was donated by a student and is likely to have been used and submitted before

    Download this Sample

    Free samples may contain mistakes and not unique parts

    close

    Sorry, we could not paraphrase this essay. Our professional writers can rewrite it and get you a unique paper.

    close

    Thanks!

    Please check your inbox.

    We can write you a custom essay that will follow your exact instructions and meet the deadlines. Let's fix your grades together!

    clock-banner-side

    Get Your
    Personalized Essay in 3 Hours or Less!

    exit-popup-close
    We can help you get a better grade and deliver your task on time!
    • Instructions Followed To The Letter
    • Deadlines Met At Every Stage
    • Unique And Plagiarism Free
    Order your paper now