NU 503 Discussion 3 Question 2
NU 503 Discussion 3 Question 2
Since its enactment in 1935 by President Franklin Delano Roosevelt, Social Security remains the of the country’s most successful, effective and popular welfare programs for employees. Social Security has changed and is more than just a retirement program as it offers life insurance and disability insurance protection (Center on Budget and Policy Priorities, 2019). Close to 90% of people aged 21-64 who have worked in covered employment in 2019 are covered by Social Security when they get severe disability (Brown et al., 2019). Social Security has transformed over time through its expansion in the first four decades before becoming truly operational. Through various acts in the 1930s, 1940s through to the 1960s and amendment by the Greenspan Commission, Social Security evolved to become a trust fund. However, the increased retirement rate due to baby boomers and other demographic factors may lead to the exhaustion of the trust fund by 2042 (Strand & Messel, 2019). The implication is that Social Security has changed over eight decades since its enactment to provide a foundation of retirement protection for al
NU 503 Discussion 3 Question 2
most every American, especially the elderly and people of color.
Retirement has come to be an institution in American society because of the diverse demographics that derive benefits from its programs like Social Security. For instance, the country’s Social Security benefits minority communities like people of color as well as others like women and the elderly. Retiring individuals want benefits to continue with their lives and have a source of income which can only come from retirement making it an institution.
Retirement and associated polices may change in the future due to increased demand because of an aging population
NU 503 Discussion 3 Question 2
of baby boomers and other diverse communities that derive benefits from it (Slaats & Portier, 2019). As an institution, retirement will change to accommodate these diversities and ensure that all who deserve the benefits attain them effectively. The anticipated changes in the future include increased need to expand to cater for different requirements and protections, reducing the cost of care and helping more Americans to enroll for benefits upon attaining their retirement age. The policy changes will
References
Brown, J. R., Liebman, J. B., & Wise, D. A. (Eds.). (2019). Social security policy in a changing
environment. University of Chicago Press.
Center on Budget and Policy Priorities (2019). Policy Basics: Top Ten Facts about Social
Security. Retrieved from https://www.cbpp.org/research/social-security/top-ten-facts-about-social-security
Strand, A., & Messel, M. (2019). The Ability of Older Workers with Impairments to Adapt to
New Jobs: Changing The Age Criteria for Social Security Disability Insurance. Journal of Policy Analysis and Management, 38(3), 764-786.
Slaats, H., & Portier, K. (2019). Changing traditional patterns of social security. Between kinship
and the state: Social security and law in developing countries, 137.