Social Security Policy

Social Security is one of the biggest domestic federals programs that is funded by the largest tax paid by most workers, the largest source of income for most retirees, and is relied by the most vulnerable people of society. The program is designed to provide benefits towards the elderly, disabled, and to families with eligible workers, who have died. Unfortunately, the program is financially unstable for the upcoming decades to come. Specifically, according to a news article by, National Affairs, written by, Andrew Biggs, “ A New Vision for Social Security”, “It is therefore incumbent upon today 's policymakers to address Social Security 's fiscal problems and to ensure the program can provide what its very name promises: security, or at …show more content…
To go in further in depth, the system may not be able to pay all of what the retirees put in, and receive what is promised by the program, and issue that is found to be important to many Americans regardless of age, therefore the idea of Social Security payroll taxes is raise, so that the program can keep its promise. Currently, the tax rate is 6.2% for both employee, and employer, making a total of 12.4%. From to the news article by, The Atlantic, “ How Can The U.S. Salvage Social Security?”, written by, …show more content…
For those reaching retirement, The Full Retirement Age (FRA) claim, where it describes the age when a person may claim full benefits. Currently, if a person were to claim earlier, the annual benefits are less. The FRA is currently rising from age 65 to 67. With this increase, workers claiming now and in the future, will get less of their earnings replaced than workers did in the past. Some say to continue to raise the FRA as lifespans increase, to be equivalent to the portion of adult life, where a person may be collecting full benefits would stay the same. In essence, a person must work longer, since humans are now developing a longer lifespan. By doing so, the 75 year dilemma would be cut by 20%. In general, Social Security benefits are intended to substitute a percentage of our earnings. Though, earnings and living standards have grown over time, so has the income Social Security provides. From the Washington Post, an article called, “How Could You Fix Social Security?”, written by, Center for Retirement Research at Boston College, “We could end Social Security’s earnings replacement function and freeze the purchasing power of benefits paid to future beneficiaries at current levels. But as wages and living standards rise, they would support an ever-shrinking portion of our standard of living.” Therefore, cutting benefits from every benefit provided by