12.6 Soc Sec fall 10 Bb.ppt

12.6 Soc Sec fall 10 Bb.ppt - FMSC 381 December 6, 2010 The...

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FMSC 381 December 6, 2010
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The US is an aging population As of 1999, 3.3 million elderly in US living in poverty 2004: Median income for individuals 65+ = $15,199. But, there is wide diversity on this statistic And income tends to decrease with age
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Earnings Pensions Personal Savings Public Programs (e.g., Social Security, SSI)
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None of social insurance programs were designed to eliminate poverty Introduced to insure wage and salary workers in industry Population covered by these programs now includes almost entire work force
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Popularity of programs rests on perceived tie between contributions and benefits Benefits based on “paying into system”, not aid to needy or poor Programs face growing scrutiny because of budgetary and behavioral implications, especially as baby boom generation retires
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Established in 1935 Insurance fund to cover employees as they reached retirement age Insure workers and dependents against earnings losses as result of retirement, death, and disability Implemented by federal government Financed through employer/employee contributions
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This note was uploaded on 01/19/2011 for the course FMSC 381 taught by Professor Staff during the Fall '09 term at Maryland.

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12.6 Soc Sec fall 10 Bb.ppt - FMSC 381 December 6, 2010 The...

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