The Social Security System
The Social Security program was created from an accumulation of the ideas of similar proposed programs such as the Civil War Pensions and the Townsend Plan. The Social Security Act was signed into law on August 14, 1935, during the Great Depression ("Franklin D. Roosevelt Creates Social Security: August 14, 1935”). This act contains seven different programs, and each program grants aid to different groups of people. Old-age assistance and unemployment insurance are two of the different programs which were set up (DeWitt). The development of this new program allowed people to receive money in the middle of the Great Depression. The Social Security program was created to protect people from money loss in circumstances …show more content…
Like the disabled, the elderly are also not properly utilizing a system which was created to help them. In 1934, over half of the elderly in America lacked sufficient income to be self-supporting. As a result, the Social Security System was originally created to provide senior citizens with a minimal income after retirement ("Social Security."). The money provided from Social Security was meant to be an additional resource to assist retired citizens and as President Roosevelt stated “this plan for economic security is at once a measure of prevention and a method of alleviation” (Roosevelt). In 2007, about 33% of seniors relied on Social Security for 90%, or more of their retirement income, and 67% of seniors relied on it for the majority of their income. Overall, about 95% of citizens old enough to receive Social Security benefits relied on it for more than 50% of their total retirement income (DeWitt). The fact that one third of all senior citizens in the US have not saved enough money for after retirement means that those people are dependent on Social Security to provide for them financially. As stated, Social Security is not intended to be one’s sole source of income. It is meant to be a source in addition to what was saved while …show more content…
“Between 1960 and 1995, the official poverty rate of those aged 65 and above fell from 35 percent to 10 percent, and research has documented similarly steep declines dating back to at least 1939” ("Social Security and Elderly Poverty."). The Social Security System has given people money which has pulled them just above the poverty line. Some people rely on this money to maintain their status above the poverty line. When people plan for retirement, they do not necessarily plan to live to 100 years-old, and if they do, they will run out of money. This causes people to rely on the money received from Social Security because they will not be able to support themselves otherwise. Although people cannot necessarily plan for these circumstances, they are nonetheless issues which cause people to become extremely dependent on the Social Security System.
Overall, the creation of the Social Security System has benefited many Americans throughout its existence. Not every person takes advantage of or relies heavily on the system, but there are some people that rely too heavily on the benefits of the Social Security System. With proper education and retirement savings, the people of the United States will be able to better support themselves and their families. This will allow people to become less dependent and reliant on the Social Security System, which, in
The Social Security program was created from an accumulation of the ideas of similar proposed programs such as the Civil War Pensions and the Townsend Plan. The Social Security Act was signed into law on August 14, 1935, during the Great Depression ("Franklin D. Roosevelt Creates Social Security: August 14, 1935”). This act contains seven different programs, and each program grants aid to different groups of people. Old-age assistance and unemployment insurance are two of the different programs which were set up (DeWitt). The development of this new program allowed people to receive money in the middle of the Great Depression. The Social Security program was created to protect people from money loss in circumstances …show more content…
Like the disabled, the elderly are also not properly utilizing a system which was created to help them. In 1934, over half of the elderly in America lacked sufficient income to be self-supporting. As a result, the Social Security System was originally created to provide senior citizens with a minimal income after retirement ("Social Security."). The money provided from Social Security was meant to be an additional resource to assist retired citizens and as President Roosevelt stated “this plan for economic security is at once a measure of prevention and a method of alleviation” (Roosevelt). In 2007, about 33% of seniors relied on Social Security for 90%, or more of their retirement income, and 67% of seniors relied on it for the majority of their income. Overall, about 95% of citizens old enough to receive Social Security benefits relied on it for more than 50% of their total retirement income (DeWitt). The fact that one third of all senior citizens in the US have not saved enough money for after retirement means that those people are dependent on Social Security to provide for them financially. As stated, Social Security is not intended to be one’s sole source of income. It is meant to be a source in addition to what was saved while …show more content…
“Between 1960 and 1995, the official poverty rate of those aged 65 and above fell from 35 percent to 10 percent, and research has documented similarly steep declines dating back to at least 1939” ("Social Security and Elderly Poverty."). The Social Security System has given people money which has pulled them just above the poverty line. Some people rely on this money to maintain their status above the poverty line. When people plan for retirement, they do not necessarily plan to live to 100 years-old, and if they do, they will run out of money. This causes people to rely on the money received from Social Security because they will not be able to support themselves otherwise. Although people cannot necessarily plan for these circumstances, they are nonetheless issues which cause people to become extremely dependent on the Social Security System.
Overall, the creation of the Social Security System has benefited many Americans throughout its existence. Not every person takes advantage of or relies heavily on the system, but there are some people that rely too heavily on the benefits of the Social Security System. With proper education and retirement savings, the people of the United States will be able to better support themselves and their families. This will allow people to become less dependent and reliant on the Social Security System, which, in