1 / 8

Exploring Social Security: Past, Present, and Future Outlook

Uncover the history, statistics, and future projections of Social Security in this comprehensive guide. Learn about FDR's vision, key figures like Abraham Epstein and Ida May Fuller, current employee wages, the Galveston System, and the looming challenges facing the program. Discover the impact on national budget, liabilities, worker coverage, and the potential shift in elderly population ratios by 2033. Find out how opting out affects contributions and explore different sources for more insights.

abrial
Download Presentation

Exploring Social Security: Past, Present, and Future Outlook

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Social Security IDS 1999: Did You Ever Wonder? Sarah Ishill, Rush Kimball, and Kevin O'Halloran sarahishii@live.com, rushk1030@gmail.com, kevinmohalloran@gmail.com

  2. History • FDR on 8/14/35. • 1937 • January 1940. • Economic Security Act • Abraham Epstein: AASS • Ida May Fuller: (3) $24.75 • 1/31/40: $22.54 • 1940-1975: $22,888.92

  3. Current Employee's Wages: 1/2 EE/Employer SS Total 12.4% Medicare Total 2.9% EXCEPT Work Study Self Employed Income: 15.3% replaces SS/Medicare EXCEPT <$400

  4. Statistics • US Budget $755 billion • Social Security Liability $15 Trillion • 90% over 65 receive • 39% elderly income • 94% of workers covered

  5. Galveston System • Opted out of USSS in 1981 • Citizens may Opt out • Employees pay in 13.9% of income • Private Account

  6. Future Outlook By 2033... Elderly pop. 2x from 2.8 Workers:Beneficiaryto 1.9 Workers:Beneficiary • exhausted trust funds by 2038 • 22% GDP- 2022 • 30% GDP- 2030

  7. Sources • http://www.ssa.gov/history/hfaq.html • http://www.ehow.com/facts_5180437_much-security-tax-do-pay_.html • http://www.nytimes.com/2011/09/18/us/how-privatized-social-security-works-in-galveston.html?pagewanted=all&_moc.semityn.www • http://money.usnews.com/money/retirement/slideshows/the-future-of-social-security

More Related