Question

What changes have been made to the social security system from inception to date? Are those changes adequate?

Answer 1

This program of government was developed during the Great Depression, a period of widespread unemployment and poverty among elderly people. Urbanization has led to an growing proportion of Americans living and working in towns other than their immediate families. Improved healthcare and public health programs improved average American life expectancy. The federal government has established the Social Security System to provide general security by setting up a nationwide old-age pension program

Part of Social Security benefits became taxable for individuals earning above a certain amount starting in 1984. If the sum of your adjusted gross income, non-taxable interest, and half of your Social Security benefit exceeds $25,000 for individuals, and $32,000 for couples, up to 50% of your Social Security benefit is taxed. If these compensation sources top $34,000 for individuals and $44,000 for couples, 85% of the Social Security benefits will be taxable.

The Social Security Administration has stopped mailing social security updates to most employees, but you can now build an online account to access your social security statement online and review your salary history, taxes paid, and have your potential social security benefit customized.

The average current Social Security enrollee collects $1,360 a month, and the maximum monthly benefit at full retirement age is $2,687 for those who were substantial earners during their careers. Yet this is a far cry from what the system paid out the first time. The average monthly profit, back in 1942, was just $17.50. That's just $263, in the dollars of today.

Registering for Social Security back in the day meant going to a local office and waiting to fill out the proper paperwork. Seniors today don't have to leave the house so much as to register for benefits. Social Security eligible individuals can enroll online and avoid the waiting times that come with visiting an office or even dialing a phone number. In addition, when beneficiaries of Social Security used to collect monthly checks in the mail, all payments are sent and collected electronically in these days. Enrollees can either collect benefits through direct deposit into a bank account, or through a debit card prepayment. Not only does this make tracking payments easier but it also helps to reduce the risks associated with lost or misplaced checks.