Social security is an essential source of income that helps groups that have low earnings. Further, they are necessary to groups that have less opportunity that helps them in saving as well as earning different positions.
Social Security is essential and allows the Black and Latino people who are continually facing higher poverty (Mozayeni, 2019). The poverty levels are high when the individuals are working or when they are in old ages. However, there have been challenges in social security.
Delegate your assignment to our experts and they will do the rest.
Gaps in Social Security Functioning in the society
Complaints have been made that social security is not inclusive of all society members creating a mathematical problem. There needs to be an address of these factors to ensure that there are minimal complaints.
The problem that is identified by social security is that money is continuously going in, but what is coming out to help the citizens is minimal.
Why Social Security needs restructuring
Roughly, there are over ten thousand baby boomers who are retiring each day, but there are also insufficient numbers of younger individuals entering the workforce (Gelber, Jones, Sacks & Song, 2020). When there is a low number of individuals entering the workforce, there is a challenge meaning that the social security essentials need to be reconstructed (Mutchler, Li & Xu, 2019).
It should be changed to ensure that there is equal money going in and out so that the money coming out helps the low-income earners in society.Consequently, the second reason why social security should be reconstructed is that there is an increase in life expectancy.
An important fact that should be understood in life expectancy is that social security is more than just a program dealing with retirement issues. It is essential because it provides life insurance and facilitates disability insurance among individuals (Peterman & Sommer, 2019).
Hence, since life expectancy is changing in society, there should be a reconstruction of social security to accommodate these changes in society.
References
Gelber, A. M., Jones, D., Sacks, D. W., & Song, J. (2020). The employment effects of the social security earnings test (No. w26696). National Bureau of Economic Research.
Mutchler, J. E., Li, Y., & Xu, P. (2019). How strong is the Social Security safety net? Using the Elder Index to assess gaps in economic security. Journal of aging & social policy , 31 (2), 123-137.
Mozayeni, S. (2019). Social Security Income and Household Savings: A New Model and Evidence. Journal of Accounting and Finance , 19 (5).
Peterman, W. B., & Sommer, K. (2019). How well did Social Security mitigate the effects of the great recession?. International Economic Review , 60 (3), 1433-1466.
Skidmore, M. J. (2019). Social security and its enemies: The case for America's most efficient insurance program . Routledge.
