22 Oct The Social Security Benefits Act, which created the Social Security program in the United States, was signed into law by President Franklin D. Roosevelt in
The Social Security Benefits Act, which created the Social Security program in the United States, was signed into law by President Franklin D. Roosevelt in 1935 as part of the New Deal. At its core, the program provides financial support to Americans during retirement, in cases of disability, or after the death of a family wage earner.
To fund social security during your working years, you and your employer each pay Social Security taxes (Federal Insurance Contributions Act [FICA] taxes) on your earnings. These taxes go into trust funds that pay benefits to current beneficiaries.
The Social Security program provides several types of benefits. Retirement benefits include monthly payments to retired workers who have earned enough "credits" through working and paying Social Security taxes. Disability benefits are payments to workers who become disabled and cannot work. Survivor benefits are payments to families of workers who die.
Please review this website on Social Security: Understanding the Benefits.
Then, please discuss the following with your peers:
- In what ways might the Social Security program be reformed to address a changing workforce and the increased life span of recipients?
- Should Social Security be guaranteed as a right, or should it be reconsidered as a conditional benefit?
- Is it fair to ask younger workers to fund current retirees while facing uncertainty about their own future benefits?
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