ZuoTi.Pro
Question

The funding of Social Security is a hot topic for policymakers. The Social Security Trust fund...

The funding of Social Security is a hot topic for policymakers. The Social Security Trust fund actually has no money in it and is filled with IOUs. Do you feel that when you retire there will still be Social Security available for you? If so, do you feel that benefits will be at present levels or tax rates will have increased? Has this discussion changed your plans regarding your own personal savings for your retirement?

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Yes, social security is an important fund created for the welfare of the working force group and is important for overall welfare of the economy and increase the retention rate of the employees. So, this fund should remain even when we retire considering the importance of this fund.

The benefits should increase to induce the workforce to save more for their retirement considering low savings rate on the United States economy. Instead of tax rates tax incentives should be given in future to induce people to save more in these funds as they are very beneficial once the person retires and reduce the load on the government.

Yes, this discussion will induce me to save more for my retirement.

0 0
Add a comment
Know the answer?
Add Answer to:
The funding of Social Security is a hot topic for policymakers. The Social Security Trust fund...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • All of the following statements regarding the Social Security system are correct EXCEPT: the law allowing...

    All of the following statements regarding the Social Security system are correct EXCEPT: the law allowing Social Security taxes to be deducted from workers' paychecks is the Federal Insurance Contributions Act the federal Old-Age and Survivors Insurance Trust Fund pays retirement and survivors benefits the two Medicare trust funds are the federal Hospital Insurance Trust Fund for Part A, and the Supplementary Medical Insurance Trust Fund for Part B the Medicare trust funds are not expected to be exhausted anytime...

  • The social security system has been a topic of political debate for over 25 years. Various...

    The social security system has been a topic of political debate for over 25 years. Various positions have been taken on its ability to meet its objective of providing a minimum level of economic security for retiree's, the need for drastic changes in the system, and the possibility of allowing for alternative private funding arrangements for social security. This chapter discusses the mechanical process required to compute and collect the taxes that fund social security. Because the health and future...

  • Moral hazard with Social Security O does not exist because the Social Security program is not...

    Moral hazard with Social Security O does not exist because the Social Security program is not means-tested O arises because Social Security may lead people to retire at different times than they would in the absence of Social Security. is counterbalanced by the adverse selection effect in Social Security. arises because the Social Security benefits you receive in retirement are not a function of your pre-retirement O o earnings. None of the above. Question 15 1 pts The consumption-smoothing benefits...

  • When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is...

    When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is used by the governmental entity that is acting as a trustee on behalf of current and future retirees to manage the funds at the "plan" level. The pension trust fund reports liabilities on its Statement of Fiduciary Net Position that primarily are related to pension benefits currently due to retired employees. The statement does not report a long-term liability for an unfunded portion, if...

  • When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is...

    When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is used by the governmental entity that is acting as a trustee on behalf of current and future retirees to manage the funds at the "plan" level. The pension trust fund reports liabilities on its Statement of Fiduciary Net Position that primarily are related to pension benefits currently due to retired employees. The statement does not report a long-term liability for an unfunded portion, if...

  • You estimate you need to supplement your social security payments with monthly withdrawals of $1,210.00 per...

    You estimate you need to supplement your social security payments with monthly withdrawals of $1,210.00 per month from a private investment account during the first 21 years of your retirement. Assuming you can earn annual returns of 5.5% in your investment account during your retirement years, how much money do you need to have accumulated in your investment account by the day you retire in order to fund the aforementioned monthly withdrawals?

  • 33. Concerning Social Security tal Employees can choose to opt out of Social Security following the...

    33. Concerning Social Security tal Employees can choose to opt out of Social Security following the repeal of the indical mandate. thi Funding is provided by employee but NOT employer contributions under the growions of the Federal Insurance Contributions ACT (FICA) IcEmployees can retire beginning at age 55, with actuarial mathematically derheber increases to are 75 Id Annual Social Security benefits to retirees currently range from 20% to of preretirement income. le) Contributions are put into a fund that is...

  • 1. Most of you will be graduating from college in the near future. Starting early in...

    1. Most of you will be graduating from college in the near future. Starting early in life with your own personal financial decision making is very important for long term financial success and in reaching many of your individual personal goals. A) What is your estimated annual income in your employment area after you graduate from Radford University? 1) If you are unsure, use your best guess. $$ 2) What will be your age when you graduate? jate? 29 23...

  • 1) You are 50 years old and proud of having $75,000 invested in a mutual fund...

    1) You are 50 years old and proud of having $75,000 invested in a mutual fund earning an impressive 17% per year. You want to retire when you are 65 years old and are confident you'll reach your goal of $1,000,000 by then. Will you make it? If not, what yield would see that you do? 2) Jack and Jill want to retire when they accumulate $1,500,000 in their individual retirement funds. They figure that they can just live off...

  • At your age (assume 20) you can assume that you will live to be 100. If...

    At your age (assume 20) you can assume that you will live to be 100. If you graduate at 23 and start to work, you can expect to work for 47 years, until age 70. At that time you will be eligible for full Social Security benefits, which can reasonably be expected to be $3,000 per month, and which will be received monthly for the rest of your life. You can reasonably expect that your retirement savings will earn an...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT