Our Generations Biggest Problem

In: People

Submitted By Picaso
Words 1109
Pages 5
Imagine a world where the required age for retirement is well over seventy-five. A world where senior citizens, who have been paying money towards their retirement all of their working lives, do not see a return on their investment and are forced to keep working just to eat. This future sounds farfetched, but unfortunately, it is the direction our nation is heading if no reforms are made to our Social Security system. Rising healthcare and living costs, along with an unbalanced worker to retiree populace, have begun to deplete the once trusted mode for retirement. If no resolve is reached, the Millennial generation will be forced to come up with their own ways of saving for retirement like collecting change. The depletion of our Social Security system is my generation’s most severe issue because there may not be enough money to take care of senior citizens into retirement age.

Signed into effect August 14, 1935, the Social Security Act insures senior citizens monetary stability after their retirement. The way this system operates is the working class pays a partial tax on their income to the government, who then allocates the money for those who have retired. Essentially, the generation that is currently working will pay for the generation that has retired. A retiree will receive benefits such as coverage for disability and monthly payments given as a source of income for those who do not or cannot work. In today’s society and economy, retirees heavily rely on the compensation they receive from Social Security. It gives not only the elderly, but also millions of citizens who work and pay into the system, the satisfaction of knowing they can be comfortable in the future. The problem we are currently facing is not enough money is being put into the system for future generations of retirees to live of off. With the economy in shambles and prices of healthcare,…...

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