What are the disadvantages of social security?
Social Security is benefits provided under the Social Security Act(1935), financed by the Social Security Tax authorized by theFederal Insurance Contributors Act (FICA) and ad…ministered by theSocial Security Administration. The term usually refers toretirement income benefits, but other benefits include SocialSecurity Disability Income Insurance Aid to Families with DependentChildren (AFDC); the Food Stamp program; Unemployment Insurance;Medicare; Medicaid; Public Assistance for the Aged, Blind andDisabled; Veterans' Compensation and Pensions; Housing Subsidiesand Public Housing; Nutritional Programs for Children; and StudentAid.
More emphasis is placed on the health of the entire society, with less material recognition to top individuals. In contrast to capitalism, socialism tends to have a higher …tax rate. The higher the tax rate, the point at which people are still willing to trade off work for personal life becomes lower. Regulations will often be seen as unfair by individuals affected by the regulations. This proves more true within specific industry regulation, as people will feel targeted by the regulation. These factors can retard individual ambition. Government controls can also promote the creation or expansion of black markets. Engels, Marx and Lenin assumed the human condition would naturally strive to the middle of the pile. Possibly from personal experience. Possibly a conclusion based on their times. A chicken in every pot begot a happy camper, until they grew tired of chicken. Socialism is unrealistic, not to mention that it is virtually impossible to achieve equality within modern societies. Socialism might redistribute some of the wealth of the richest members of society yet it does not eliminate poverty. Although intended to improve the living standards for all, socialism lowers the income of the richest to be nearer the income levels of the poorest. Socialism can be economically inefficient as it puts off entrepreneurs from generating wealth because they have to pay higher taxes. As socialism provides the poorest with higher levels of income via social security payments, it may deter them from working hard, if at all. Instead of working for basic needs, other non-productive pursuits may be taken instead. Socialism keeps poorer or less advantage people around who may not be the fittest. As a result, some people will act as parasites to the socialist society, taking but contributing little besides a sense of magnanimity to society, and further they are more likely to remain to breed resulting in children whom are less likely to succeed. Further, a sense of unrealistic entitlement may arise from people who receive the benefits, causing difficulties among all. Socialist governments can be more easily manipulated into giving bailouts to industries who may not spend the money on the reasons they requested it. Eg: bank bailouts where obscene amounts of money went to executive bonuses as opposed to shareholders or lower employees. Socialist governments are not immune from corruption. Socialist economies work on the premise that central planners (bureaucrats & socialist economists ) in government are in the best position to guide economic activity. These planners decide what goods and services are produced, how much to produce and who will produce and consume the various goods & services. The utopian idea behind central planning is that only the government can organize economic activity in a way that promoted the economic prosperity for the nation as a whole. Historically this has been a failure. The former "communist" nations are perfect examples of socialist failures in economics. With all that said, the clear disadvantage of socialism is that it creates markets that do not conform to supply & demand. And, it demonstrates that "predicting" in an economic sense is a risky business. Even China, a "socialist" nation, has seen that for them, a good degree of free economics has improved their society as a whole. While these policies are centrally controlled, in that what has been given, can be taken away, that would be based on political situations. It's clear that aside from free markets providing prosperity, history has shown that when a centrally controlled political situation seems to have become less oppressive, the more it does, the more the chance of political unrest. So far, the Party in China has been able to balance this out. However, the recent riots in Hong Kong are a perfect example of how leniency can lead to political unrest.
You can apply it through the nearest Social Security office
That, even though it all sounds good on paper, it doesn't work inreal life. People in the government get greedy and end up gettingmore power than other people. There also is f…ree enterprise,something that let us have our own businesses. Check the link formore info.
Apply through your nearest Social Security office
Currently, the social security retirement age is 65. However, you can get the funds out earlier if you were willing to receive less in the way of a benefit. You can check ou…t some great calculators on the Related Link below that will show you the impact of taking the distribution early. Check out the attached link.
It depends on the laws of the country in question.
In normal scenarios if you are born in the US they would apply for you when you were born, if you are into US by for some work then you have to apply by yourself in the Social… Security Office.
It gives people a regular income after they retire.
Once you reach retirement age, your Social Security Disability benefits convert to regular retirement benefits, payable at the same rate. You cannot collect an additional amou…nt due to disability. It is possible that you could qualify for the SSI supplemental security income, which is based on disability and income, in addition to your month Social Security benefit, but this is a different program and is not administered by the SSA. The amount of SSI paid is adjusted monthly based on what the person was able to earn in that month.
They are both the same thing SOCIAL SECURITY BENEFITS and you only get one check for your SSB amount each month that you qualify for.
If you are receiving Social Security Disability and reach full retirement age, the full amount of your benefits will be transferred from SSDI to Social Security Retirement. If… you are receiving Supplemental Security Income and are over the age of 62, you may be able to receive Social Security Retirement benefits in addition to your SSI if you have worked and paid into Social Security long enough to be eligible.
One way is to close tax loopholes. Another possibility a flat tax with no deductions except for catastrophic events.Reducing benefits for those already receiving SSI is NOT an… option for low-income receipients. That will only make them eligible for other Federal monies. Taking money from one pocket to put it in the other does not make more money. Bring production jobs back to the U.S.Stop giving money and services to illegal aliens. Instead, help build Mexico's economy so they can be self-sufficient.Stop Medicare fraud. Deliberate fraud and multitudes of errors are a great burden.We must keep our promises to our elderly and disabled Americans. I look forward to more possible solutions, and share them with your congresspeople and the President.
when you or your relatives report that something happen to you, and you're really have the disability and you can't work anymore..
In Income Taxes
Presumably the question is about U.S. Social Security taxes. Social Security taxes (commonly referred to as FICA taxes) are taken out of your earnings each time you receive a …paycheck. This rule applies even if the employee is already receiving Social Security benefits. However, by continuing to work, future Social Security benefits may be increased to take into account the additional earnings.
What disadvantage would be experienced by a person applying for their social security benefits at age 62?
When you apply for social security at the age of 62, you are notgoing to be able to get your full retirement amount. You are alsonot eligible for Medicare at this age.