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Social Security

Social Security. By Jake Doherty and Claire O'Connor. WHAT IS IT?. Program set up by the government Provides income for those who need it, for example, the retired and the disabled This is funded by taxes from job income

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Social Security

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  1. Social Security By Jake Doherty and Claire O'Connor

  2. WHAT IS IT? • Program set up by the government • Provides income for those who need it, for example, the retired and the disabled • This is funded by taxes from job income • To decide how much you get, they average the income of your thirty highest paying years • Every person who qualifies for it receives it no matter how much money they already have

  3. 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)

  4. DEMOCRATIC VIEW ON SOCIAL SECURITY • People shouldn't have to worry about money in their retirement • We should use our prosperity to save social security

  5. REPUBLICAN VIEW • Workers should have a choice to invest their payroll in it • The government should be less involved in things like individual people’s money

  6. PROS • 40 % of seniors need social security to stay out of poverty • The amount of people in poverty has decreased because of social security • Paycheck goes into it, so when retired, they can start collecting money back from it

  7. CONS • America spends trillions of dollars a year on social security • Majority would benefit more from taking the money they use for social security and invest it in a long term safe investment • Some people receiving these benefits don’t know how to handle money • Too many people are getting benefits without paying their fair share • Social Security was not intended to equalize the wealth, but for people to pull out some money they set aside when they are retired

  8. HISTORY • The Social Security Act was signed by FDR on August 14th, 1935. They chose 65 years old as the retirement age • In 1939 spouses of the retired men and women started receiving benefits • In 1956 disability benefits were added for anyone with a disability • Today, about 56 million people benefit from Social Security

  9. FUN FACTS • Ernest Ackerman was paid 17 cents of social security in January, 1937 • Ida May Fuller from Ludlow, Vermont, was the first person to receive monthly Social Security benefits • Social Security has paid out 11.3 trillion dollars to beneficiaries

  10. SOURCES • http://www.lifetuner.org/social-security-and-medicare?CMP=KNC-360I-GOOGLE-LTN&gclid=CPf-h8u2660CFSgRNAodXjkG4g • http://www.ssa.gov/history/hfaq.html • http://www.socialsecurity.org/daily/08-16-00.html • yahoo.com

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