Essay Social Security

Topics: Retirement, Pension, Old age Pages: 2 (629 words) Published: March 24, 2013
Social Security Issue
The current Social Security system should be replaced by a mandatory private pension system. The current system entails workers being forced to give a certain percentage of money out of their pay checks to Social Security. This tax money is used to pay benefits to retired people, disabled people, survivors of workers who have died, and dependents of beneficiaries (SSA). To most, this system sounds unfair because workers put in hours of labor for a paycheck that religiously has money taken out for someone else’s retirement, disability, etc.; however, people for this system believe this benefits everyone because workers are not in control of their own specific retirement fund so poor decisions cannot be made. In reality, people should be able to control the fate of their own retirement funds because they can decide when the money is necessary, which can be done by making the change to a private pension system.

The current Social Security system creates a lot of concern because of the accelerating demographic factors (NCPA). “Life expectancy is increasing faster than expected -- in 1940, a 65-year-old man could expect to live another 12 years, today it's 15 years; the fertility rate is falling faster than expected -- from 3.6 children for a typical woman of child-bearing age in 1960 to just two today; and the elderly portion of the population is expected to rise from 12 percent today to 20 percent by 2050 -- increasing the number of retirees from 34 million to 80 million” (NCPA). The decreasing working population combined with the rising elderly population means the number of elderly people needing benefits will be greater than the number of working people providing the money for those benefits (NCPA). Because of these statistics, the favor for a private pension system is growing so workers can save their taxes for their individual retirements.

With a private pension system as opposed to the current, honored system, the working class...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay about What Is the Future of Social Security?
  • The Future of Social Security Com 156 Essay
  • "The Need for Privatization" A paper on the reasons and benefits of the Privatization of Social Security.
  • Social Security Essay
  • Social Security Provisions as Per Labor Act of Nepal Essay
  • The Social Security Issue as Retirement Essay
  • Social Security Essay
  • Essay about Social Security

Become a StudyMode Member

Sign Up - It's Free