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Issue:

Religion

 

Written by:

Ryan Q

 

Date added:

September 7, 2015

 

Level:

University

 

Grade:

A

 

No of pages / words:

8 / 2213

 

Was viewed:

1434 times

 

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Essay content:

Social Security may be defined through several characteristics: (1) participation is mandatory. Everyone, including children age 5 or older, is required to have a Social Security; (2) Eligibility for benefits and levels of benefits depends on past contributions made by earners; (3) Benefit payments begin at a stipulated time such as at retirement from work, upon temporary unemployment, or with disability; (4) Social-insurance benefits are means-tested - one's wealth or lack does not determine whether benefits are granted; and (5) Currently SS funds are collected and distributed on a pay - as - you -go (PAYG) system in which Social Security taxes from individuals are immediately distributed by the means of the SS Administration as it sees best fit...
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This means that taxes collected are not reserved for the individual who has paid them but rather for those who are eligible to receive the monies. At the current state an individual must rely on those persons paying SS taxes during the time of their retirement (Becker). For a number of these characteristics and future issues, the Social Security System must be reformed or completely abolished to meet the needs of tomorrow...
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