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What should be done to preserve Social Security for the future?

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What should be done to preserve Social Security for the future

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What should be done to preserve Social Security for the future

Introduction

Social security is the providence of economic aide to the deserving people of the society e .g . the old , poor and unemployed (due to disability or old age , and even in some cases the dependant children in a family . Social security primarily refers to HYPERLINK "http /en .wikipedia .org /wiki /Social_welfare_service " \o "Social welfare

br service " social welfare service concerned with social protection , or protection against socially recognized conditions (Social Security Wikipedia ) In some countries government sponsored social security schemes are mandatory and pensions ' are provided to all the unemployed or retired old people in the country . It is sometimes deducted as a part of tax from the incomes of people and then paid as pension upon retirement . Pensions or other social security schemes may range from a mere financial help to the providence of homes , old age services and free medical care depending on the country and the policies in consideration

Public retirement programs are important both to individuals and to national economies . They are the principal source of income of the aged in most industrialized countries [ .] (Rosa and Catellino

.2 However , in most recent times the graying populations in various countries seem to pose myriad problems for their respective governments The crisis faced is providing extensive social security services which have evolved over the years to a huge population of old people on the expense of the taxes of the employed younger generation . This issue has threatened the social security system of many nations and various proposals regarding the preservation of social security are now under consideration

Different ways of preserving Social Security in the future

At present many government sponsored social security schemes are funded by the pay as you earn ' policy and hence the amount paid by the individual himself /herself is used to provide social security services upon retirement . However , the inclusions of whole families in social security programs , especially those sponsored by the government have caused complications . Government has at times no choice but to use the social security funds on alternative issues other than the providence of social security . According to analysts , the government used payroll tax surpluses to avoid making tough choices in addressing deficits in rest of the budget (Penny Best way to save social security

This can cause difficulties in continuing the social security system in the future . Since social security is the basic earning of the old Disabled and many unemployed women , its continuance holds immense significance for the citizens of a country . Quite a few ways of preserving social security have been proposed and their pros and cons have been discussed by economists and concerned officials in various countries . Some of these possibilities of saving social security are being discussed here

Privatization of Social Security

Privatizing social security involves the transition from...

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