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Social Security Where is it now and where will it be in the future Introduction and Speculations There are many speculations about social security and its future It seems that many Americans do not trust the system and believe that it will be nonexistent soon In fact one study showed that more people age 18 to 34 believe in UFOs 43 than believe they will receive Social Security benefits 28 Cato Institute Many important economists agree with this idea but they all seem to have a different opinion on how long this will take and what we will do to prepare for it On June 8 1934 President Franklin D Roosevelt in a message to the Congress announced his intention to provide a program for Social Security Roosevelt knew there was a need to help the elderly prepare for retirement and knew that they would need benefits to help support them Since the social security system was put in place in 1935 not many changes have been made except for the amount paid out Benefits given through social security are determined by a benefit formula and depend on your average income over a fixed amount of years Social Security has grown to become an essential facet of modern life One in six Americans receives a Social Security benefit and about 98 percent of all workers are in jobs covered by Social Security Social Security benefits comprise about 5 of the nations total economic output From 1940 when slightly more than 222000 people received monthly Social Security benefits until today when almost 45 million people receive such benefits Social Security has grown steadily And Social Security benefits provide income security not just to the elderly Nearly 1 in 3 beneficiaries are not retirees Social Security Online History Page This security that older people anticipate receiving is now becoming a questionable expectation According to the Social Security Reform Center the social security system is expected
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