Social Social SecuritSecurit

yyBy Jake By Jake

Doherty and Doherty and Claire Claire

O'ConnorO'Connor

WHAT IS IT?WHAT IS IT? Program set up by the governmentProgram set up by the government Provides income for those who need it, for Provides income for those who need it, for

example, the retired and the disabledexample, the retired and the disabled This is funded by taxes from job incomeThis is funded by taxes from job income To decide how much you get, they average To decide how much you get, they average

the income of your thirty highest paying yearsthe income of your thirty highest paying years Every person who qualifies for it receives it no Every person who qualifies for it receives it no

matter how much money they already havematter how much money they already have

WHO DOES IT GO TO?WHO DOES IT GO TO?

Children of Disabled Workers (11.2%)

Children of Deceased Workers (4.1%)

Disabled Workers (11.1%)

Spouse of Disabled Workers (0.4)

DEMOCRATIC VIEW ON DEMOCRATIC VIEW ON SOCIAL SECURITYSOCIAL SECURITY

•People shouldn't have to worry People shouldn't have to worry about money in their retirementabout money in their retirement

•We should use our prosperity to We should use our prosperity to save social securitysave social security

REPUBLICAN VIEWREPUBLICAN VIEW Workers should have a choice to Workers should have a choice to

invest their payroll in itinvest their payroll in it The government should be less The government should be less

involved in things like individual involved in things like individual people’s money people’s money

PROSPROS 40 % of seniors need social security to stay 40 % of seniors need social security to stay

out of povertyout of poverty The amount of people in poverty has The amount of people in poverty has

decreased because of social securitydecreased because of social security Paycheck goes into it, so when retired, they Paycheck goes into it, so when retired, they

can start collecting money back from itcan start collecting money back from it

CONSCONS• America spends trillions of dollars a year on social America spends trillions of dollars a year on social

securitysecurity

• Majority would benefit more from taking the money Majority would benefit more from taking the money they use for social security and invest it in a long term they use for social security and invest it in a long term safe investmentsafe investment

• Some people receiving these benefits don’t know how Some people receiving these benefits don’t know how to handle moneyto handle money

• Too many people are getting benefits without paying Too many people are getting benefits without paying their fair sharetheir fair share

• Social Security was not intended to equalize the wealth, Social Security was not intended to equalize the wealth, but for people to pull out some money they set aside but for people to pull out some money they set aside when they are retiredwhen they are retired

HISTORYHISTORY The Social Security Act was signed by FDR The Social Security Act was signed by FDR

on August 14on August 14thth, 1935. They chose 65 years , 1935. They chose 65 years old as the retirement ageold as the retirement age

In 1939 spouses of the retired men and In 1939 spouses of the retired men and women started receiving benefitswomen started receiving benefits

In 1956 disability benefits were added for In 1956 disability benefits were added for anyone with a disabilityanyone with a disability

Today, about 56 million people benefit from Today, about 56 million people benefit from Social SecuritySocial Security

FUN FACTSFUN FACTS

Ernest Ackerman was paid 17 cents of social security Ernest Ackerman was paid 17 cents of social security in January, 1937in January, 1937

Ida May Fuller from Ludlow, Vermont, was the first Ida May Fuller from Ludlow, Vermont, was the first person to receive monthly Social Security benefitsperson to receive monthly Social Security benefits

Social Security has paid out 11.3 trillion dollars to Social Security has paid out 11.3 trillion dollars to beneficiariesbeneficiaries

SOURCESSOURCES http://www.lifetuner.org/social-security-and-http://www.lifetuner.org/social-security-and-

medicare?CMP=KNC-360I-GOOGLE-medicare?CMP=KNC-360I-GOOGLE-LTN&gclid=CPf-h8u2660CFSgRNAodXjkG4gLTN&gclid=CPf-h8u2660CFSgRNAodXjkG4g

http://www.ssa.gov/history/hfaq.htmlhttp://www.ssa.gov/history/hfaq.html http://www.socialsecurity.org/daily/08-16-http://www.socialsecurity.org/daily/08-16-

00.html00.html yahoo.comyahoo.com