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Social Security - Papers Online

Social Security

As we look toward helping shape the system of tomorrow, we need to remember that there is no immediate financial crisis. The long-term financing problem is manage- able-if we act sooner rather than later. However, there are choices to be made ... by the American people and their government representatives. There are a variety of ways to ensure the long-term stability of . But each option involves difficult tradeoffs that need to be discussed.
For example, on the benefit side, some people propose that the retirement age for full benefits should be raised further. They say that Americans are living longer and healthier lives than ever before, and that people are spending an increasing ...

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of their income. Critics say that is supposed to be a foundation for retirement planning. If wealthier people contributed more than they now do in taxes, they would either have to receive more-and in some cases much more-than they now do in benefit payments, or they would not receive any additional benefits for their added contributions into the system.
On the investment side, some people support the creation of individual savings accounts for all workers that would supplement or replace part of benefits in retirement. They say that workers would have the potential for more money in retirement than if they rely only on , and that they could have the freedom to choose how to invest their savings. Critics say that you can get higher returns on investments only by taking higher risks. And they say that if the accounts were a supplement to , a way to fund them would have to be created. If the accounts were to replace part of , a lower level of guaranteed benefits would have to be ...

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Social Security. (2006, January 26). Retrieved December 23, 2024, from http://www.essayworld.com/essays/Social-Security/40260

"Social Security." Essayworld.com. Essayworld.com, 26 Jan. 2006. Web. 23 Dec. 2024. <http://www.essayworld.com/essays/Social-Security/40260>

"Social Security." Essayworld.com. January 26, 2006. Accessed December 23, 2024. http://www.essayworld.com/essays/Social-Security/40260.

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PAPER DETAILS

Added: 1/26/2006 11:21:24 PM
Category: Social Issues
Type: Premium Paper
Words: 419
Pages: 2

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