How Do You Apply For Your Medicare Card

on the first day that the republican-controlledhouse of representatives was back in session, the republican majority passed arule restricting the transfer of money from the social security retirement fund into the social securitydisability insurance program. some fear that this will lead to the social security disabilitytrust fund going bankrupt by 2016. this all

How Do You Apply For Your Medicare Card, may be a bit unfamiliar and confusing, so lets startby answering the question: what is social security and how will it affect you in the future?

social security is a program first initiatedby president franklin delano roosevelt in 1935 and it was designed as a safety net to supportretirees and the elderly. before he started the social security program, care for those people whowere too old to work was traditionally provided by the family members or poorhouses, which,in the wake of the great depression and other economic factors, was becoming a less viableoption. after the law took effect, monthly paycheckswere sent to individuals aged 65 or older and

no longer working. at the time, only 1% ofpeople’s income went to social security. since then the percentage that is taxed has gone up.now, with some restrictions, 6.2% of an employee’s income and another 6.2% tax on employers goestowards social security. also, the age at which benefits are received has changed. in1961, the earliest age at which you could retire and begin receiving money was reduced to 62. however,now, as a result of a 1983 amendment, waiting to retire until age 67 reaps the mostbenefits. subsequent amendments over the years have also expanded the realm of care to thedisabled, dependent children, surviving spouses

and others. problems with social security have arisenover the years mainly due to changes in the population. in 1935, there were 16 workersfor every social security recipient in the us; and now it is closer to a 3 to 1 ratio. in 1975,it was reported that taxes soon wouldn’t cover social security payments, so the taxes went up, andbenefits were reduced. in 1983, a similar crisis occurred, and president reagan formed thegreenspan commission to study and suggest

solutions to social security. but no realfix was found. so, what does social security look like rightnow? currently, numbers from the government suggest that most people 65 or older receivesocial security, and that money represents about 38% of their income. on average, that’sa good number, but many accountants now urge people to view social security as supplemental,rather than a primary income. however, reports also suggest that half of older married couplesand three quarters of unmarried older people rely on social security for a majority of theirincome.

experts say that at the current rate, thesocial security trust fund will be bankrupt by 2033. but, to be clear, that doesn’t mean millennialswon’t get any money from the government. they will still get some, they just won’t getall of the benefits that previous generations experienced. they’ll get about 77% of original fund estimates.unless, of course, a major social security overhaul happens. which some people in politics,like democratic senator elizabeth warren from massachusetts, are already calling for.

to find out more about our government andhow it works check out our video on the supreme court and their potential bias. or click onour other video about the jobs report and what that really says about our economy. new videos6 days a week please subscribe.