Social Security

Topics: Retirement, Pension, Tax Pages: 2 (548 words) Published: September 9, 2013
“Social Security, Will You Get Yours?”
Summary:
Ellen Hoffman’s, “Social Security, Will You Get Yours?” is an article that goes over the main issue with social security; will you get your social security when the time comes for you to retire? This article discusses a very real and important topic for every United States citizen who will ever be even remotely dependent on social security for some type of income. Written in 2002, the article gives the reader insight into social security questions, facts, and statistics. Beginning by the position of small business owners who are in their fifties, nearing retirement and unable to know what their plan is for financial security as they are just making it by. They are scared because they feel they cannot rely on social security alone. The article then begins going into what the real problems lye within social security and a small history lesson behind how some of the problems have occurred. The author lists some of the reasons for social security problems, beginning with the “pay as you go” program, then the fact that people are living longer than when social security was initially put into motion, and the fact that fewer people are contributing to social security, and more people are taking out. According to the article, benefits were suppose to be covered for retirees until 2015 by payroll taxes, then by 2016 benefits would then begin to be covered by FICA payments and interest from bonds, then by 2038 all bonds will need to be sold. According the author the ultimate problem is that not enough people are coming into the work force to support all of the retirees. However the author goes on to say that social security is far from going broke and the situation is not hopeless. The article continues by going over some suggested solutions to fix social security. Beginning with a choice of taking money out and investing in personal accounts, giving someone the ability to take more beneficial options for their...
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