Social Security

Name

Professor

Subject

Date

The U .S . Social Security System : A Political Analysis

The Social Security Policy

For the U .S . Federal Government and for a large number of beneficiaries , Social Security is one of the most important programs of the government that aims to provide economic security for American workers and retirees as well as their families . Social Security is composed of three different types of benefits such as lifetime retirement benefits , disability insurance , and survivor 's insurance Lifetime retirement benefits are provided for the retirees and

their beneficiaries (spouses and children . Meanwhile , the disability insurance is available for workers , their spouses , and their children It aids the workers and their beneficiaries with the expenses incurred during treatment of mental or physical disability . It also supports the workers while they are incapable of working . Lastly , the settlement of survivor 's insurance is given to the beneficiaries of the diseased workers (Economic Policy Institute [EPI] 2

Many changes occurred in the Social Security System after its first implementation in 1935 . In 1950s , the Social Security Act enclosed the cost of living adjustment or COLA of the workers . It incorporated a 7 .7 percent one-time benefits increase in the security benefits of the workers (King and Cecil . In 1954 , a stipulation was included such that it solidifies the worker 's record during the period he or she was not capable of working . Another important change occurred in 1961 when the Social Security Act reduced the retirement age to 62 from 67...