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The Impending Social Security Crisis - Online Term Paper

The Impending Social Security Crisis

If you have held a job and earned enough credits, you will retire and receive benefits from social security. This is what people have been told since the creation of the Social Security program in 1929. However, that may not be true for much longer. Things are beginning to change, and not for the better. In 2010, the program started spending more cash than it was bringing in. Many people have ignored this problem. The raising of taxes and the retirement age was supposed to keep social security solvent until the late 2050ā€™s. However, that solution is now estimated to last until 2035. The good news is, there are many more solutions than just raising taxes and the retirement age. At the same ...

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money will be majorly affected. If they are relying solely on the benefits they receive from social security and they stop receiving them by 2035, they will a very large problem.

Generation X is a very large generation that will also be greatly affected. This generation will have to deal with this problem because by the time Social Security is predicted to run out, the majority of the people of Generation X will be retiring. Also, some of this generation will have the same problem many of the Baby Boomers will have. If the people of Generation X do not start saving now, they will also have a large problem. It is very rare for someone to be able to survive off of just the benefits they receive from Social Security. That is why it is crucial for all generations to prepare for the worst.

While Baby Boomers and Generation X will have large problems, Millennials will be the most affected if this problem is not solved. For example, some people believe that the best solution is ...

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The Impending Social Security Crisis. (2020, March 6). Retrieved January 22, 2025, from http://www.essayworld.com/essays/The-Impending-Social-Security-Crisis/107238

"The Impending Social Security Crisis." Essayworld.com. Essayworld.com, 6 Mar. 2020. Web. 22 Jan. 2025. <http://www.essayworld.com/essays/The-Impending-Social-Security-Crisis/107238>

"The Impending Social Security Crisis." Essayworld.com. March 6, 2020. Accessed January 22, 2025. http://www.essayworld.com/essays/The-Impending-Social-Security-Crisis/107238.

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PAPER DETAILS

Added: 3/6/2020 05:12:02 PM
Submitted By: fullermo
Category: Economics
Type: Premium Paper
Words: 730
Pages: 3

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