Social security is an extremely important topic in the United States especially right now. Many Americans depend on social security for the ability to eat and live. It is currently estimated that over 60 million Americans receive social security benefits for one reason or another. Individuals who have become disabled or reach the age of retirement receive a social security income. Spouses and children of those who are deceased, disabled or retired may also receive social security income. That income is often based on how long they have worked and how much they have earned in their lifetime. With a growing number of people in the world and a growing number of debt many fear social security will be taken away. There needs to be changes now to help save the system in the future and below are some concepts that have been suggested over the past few years to help the situation.
Encourage More Saving Early On
Many researchers feel as though individuals and families may save more if they did not know they had social security to rely on in the future. Setting aside money for retirement is extremely important especially in this day and age when social security could change at any moment. The government and others should be encouraging saving more and starting savings accounts instead of depending solely on social security. Often times people do not save or begin saving until it is too late because they know social security will be waiting. If less people relied on it, they may be more willing to save money. By telling people early on that social security may not be an option in the future they may be more apt to save money or begin a retirement fund so they can ensure the financial safety of their future and possibly even their families financial future.
Completely Revamp the Social Security System
The Social Security System in the US is great for many things but it is important to keep in mind that the system was created over 75 years ago, in a different time when the US was in a different place. There was a lot less people and life was a lot less harder back then. Yes, it was updated in the early 80s but that was still over 30 years ago, and many things can and have changed in the 30 years since it was majorly. By reassessing the system, we can find ways to cut cost and save money on other things that will in turn leave more money for social security and benefits. More funding should be added to social security while some funding can be taken away from less important things as to many people depend on social security to live.
These are just a few of the simple ways we can try and change Social Security System. It is extremely important to millions of Americans both young and old. Both the elderly as well as the sick and disabled depend on it to live. Without it they cannot afford rent, bills, some forms of healthcare or even food to eat so it is no wonder it is one of the biggest topics in politics right now.