Social security
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Social Security. Vocab. Baby boom-A temporary marked increase in the birth rate, esp. the one following World War II Debt-money that is owed Intergenerational commitment-official act that younger must support older people. Vocab ( Con’t ).

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Social Security

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Social security

Social Security


Vocab

Vocab

  • Baby boom-A temporary marked increase in the birth rate, esp. the one following World War II

  • Debt-money that is owed

  • Intergenerational commitment-official act that younger must support older people


Vocab con t

Vocab (Con’t)

  • Ponzi scheme-fraudulent investing scam promising high rates of return with little risk to investors.

    • The Ponzi scheme generates returns for older investors by acquiring new investors. This scam actually yields the promised returns to earlier investors, as long as there are more new investors.

  • Social welfare state-federal gov’t provides benefits to “less fortunate” at expense of others.

  • Personal savings accounts-account where depositors earn a rate of interest in return for having restrictions upon how they can access their money


Why does it matter

Why Does It Matter?

  • If you work, you will pay into it.

  • Largest unfunded liability of economy.

  • You will be able to collect when 62, if it still exists


Who and when

Who and When

  • Franklin Delano Roosevelt (D)

    • 32nd President

  • Signed into law Aug. 14, 1935


What is it

What is it?

  • old age pension for American workers

    • Pension-fixed payment to a retired person

  • Over 62, paid in through 10 years

  • 6.2% payroll tax on workers, employers

  • $90,000 annual salary, exempted from tax

  • Idea that today’s workers pay for tomorrow’s retiree’s


Effects of the baby boomers

Effects of the Baby Boomers

  • Baby Boomers-born from 1945 to 1966

    • Make up largest portion of population-77 million people born

  • Not enough people working to pay for them.

  • People live longer today.

    • Avg. life span: male-82 years, woman-85 years

    • Compared to 1935: 77 years old for both.


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