Breaking down Social Security and Its Various Aspects for Simpler Reading

If you have done a little bit of trying to look up social security, you would know just how vast this topic is. There are pages on end talking about things that social security encompasses, without actually providing a lucid understanding of what it is.

Social security is an important subject under Finance and Economics that needs to be studied in great detail to understand how you and everyone else contribute to the government’s revenue and build a more sustainable tool to eradicate poverty.

Here you will find the most important bits of information required for Social Security homework answers.

What is Social Security?

The aim of social security is for the government to provide financial help to people at a time when they are unable to care for themselves with inadequate or no income. It can include various government programs conducted to promote welfare of the population and improve overall conditions of living.

When social security policies were first drafted in the 1930s, most people didn’t have pension plans. Therefore a government initiative like social security was necessary and very well embraced by people. Pretty much everyone who worked for wages was covered under it from the first day.

Who is Covered by Social Security Today?

93% of salaried workers in the US fall under the ambit of social security. They contribute a percentage of their annual income in order to receive post-retirement benefits from the government.

Today, most professions offer social security cover. The only major groups of employees (other than members of Congress) that still remain excluded to this day are railroad workers and teachers in states like California, Texas and Ohio.

Looking for social security homework answers will provide you with a more in-depth understanding of exactly who is and isn’t covered under social security.

Why do we need Social Security?

The successful implementation of social security over the years has had a significant impact on the American economy. Levels of poverty have dramatically reduced among Americans aged over 65 to just 10 percent, lower than the 12 percent national average across all age groups.

Here are some key reasons we need social security:

  • Social security benefits are based on balancing of two principles: equity and adequacy.
  • Equity ensures that you put in is in relation to what you get. Those with higher wages, who put in more money will also receive greater benefits after retirement.
  • Adequacy ignores years of low earning, if you were disabled or unemployed for a period of time, and provides a higher proportion of return for the poor than for the rich.
  • This makes it the most successful anti-poverty program that there is.
  • Privatization would take away the chance of guaranteeing the elderly a minimally adequate wage.

Some examples of proposed Social Security reforms

Social Security policies are updated constantly in keeping with the times and it is open to proposals from citizens.

These are some of the proposed social security reforms as they appeared on the website of the American Association of Retired Persons in 2015:

Finding Social Security Homework Answers

Now that we have addressed the topic of social security in some detail, let’s turn our attention to how you could go about finding social security homework answers. Among other websites, My Homework Help is a great place to find just the answers you are looking for.

Is Social Security Really that Important a Subject to be Studied in Detail?

Studying social security is integral to understanding how the government tackles poverty, by providing benefits to citizens who reach a stage where they cannot make enough of an earning on their own.

Not only does the subject tell you about how government policies help citizens but more importantly, it prepares you to be able to handle your own finances. Even if you are a student today, you will be earning an income tomorrow and you will need to know about how social security works.

Also having sound knowledge of the topic makes more responsible citizens out of people who will plan for their old age. A country’s economy can only prosper when the economies of individual citizens prospers.

So go ahead and find your social security homework answers and become responsible citizens for tomorrow.

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