Does this program still exist?
Yes! Social security is still in affect today. Social security is any government system that provides monetary assistance to people with an inadequate or no income.
Who benefits from this program?
- Social security is he major source of income of most of the elderly.
- 9 out of 10 individuals the age of 65 and older receive social security benefits.
What is the purpose of this program?
Social security was invented to provide for the material needs of individuals and families, also to protect aged and disabled people against the expenses of illnesses that may otherwise use up their savings.
How is it used?
Elderly people use this program to help pay for doctor visits, medicines, and other necessities.
Pro's and Con's
- You have money to get you by.
- When you retire, you will not be worried about survival.
- If you are disabled and cannot work, you will get a check and you will be able to pay your bill and live comfortably.
- For the majority of people, they would be better of if they set the same amount aside that is taken in taxes and instead invest in long term safe investments.
- The whole program is sort of a pyramid scheme, and depends on enough money coming in to match the amount getting paid out.
- Too many peopled get benefits of social security that haven't paid their fair share in.
- The program was never intended on equalizing wealth, it was supposed to be a way for people earning money to set some aside and then take it back out during retirement.