Social Security. [8]

What happens to social security once it is taken out of a person’s paycheck? Is it given to that person who has worked for it? NO! The money is put into a fund for all persons disabled, unemployed and otherwise supported by the federal government. Now the “baby boomers”, as they are called, will have wiped out the present generation’s social security fund. How does one fix this? We could consider this alternative: Those who work for a living should have the social security money that is taken out of their check put into their own special account that can be accessed after they have retired.

People do not exactly, or directly, receive the social security money that is taken from their paychecks. From one’s check the government takes a certain percent and it goes to a fund that is used to help pay for those that are retired, disabled, or those that qualify for social security and are just unemployed. The fund also helps pay for a portion of a person’s health care. In the end money that is taken from one’s paycheck really is not returned to one in the sense that most think. If social security survives past this generation, then each person who worked in the past will receive benefits which barely covers the cost of living. The number of checks each person will receive does not change by the amount of time that person spent working in the past, however, if something is not done soon then by the time the present teenage generation gets around to collecting their benefits there will be nothing left to receive.

There is a way the government can help prevent this depletion of social security. The government could create a fund for each person and when social security is taken from that person’s paycheck it would be put into that person’s fund, so when they retire their money is available for them to use, not for the government to give away to others. In the case of a disabled person the government should have a separate type of fund for them, the government should not have to take money from everyone else’s paychecks to help pay for any person who has not worked. If the government was to do this then that would preserve the “idea” of social security.

So if a person was to save their money while they work as well as having their own pension saved from their checks there would be no doubt they will be able to live a good life after retirement, especially if there is more than one person in the household that has been saving their money. Sooner or later the government’s social security plan will fail and what will happen to the generation it fails on is not known but it can’t be good. To keep this depletion from happening think of the plan for each person’s own savings fund where their own social security fund will grow, by keeping social security alive by creating each person an account into which their own funds go, the government can decrease unemployment rates and people will be able to live a good life based on what they made. A person would much rather save up for themselves then to work hard their whole life just to pay for someone else.