Budgeting, Whether for the Household Discussion Chapter

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If we take the former approach, we must now combine men and women together demographically; women now work far more outside the home than they did in 1935. According to the United Nations, this is now roughly 80 years, meaning the retirement age should be pushed to 70, allowing 5-8 more years of pay ins, and far fewer years of pay outs (World Population Prospects, 2006). In addition, if we follow the original mandate, Social Security is a supplemental or emergency program, not meant for those who do not need it.

So, if we take a two-pronged approach; moving the retirement age to at least 70 and recategorizing those who take retirement benefits based on their savings and investment programs, we are in more of a fiscal position to tweak the system already in place. While this may seem unfair to some, if we think about it logically, those "baby boomers" who have had a longer time for earning at higher wages have had the opportunity to place more assets into retirement. If the GAO finds that it takes, on average X dollars to live after retirement, and their portfolio is worth 5-10 times that much, they can perhaps not qualify for Social Security without it becoming a hardship.

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Yes, they paid into the program, as well as Medicare; so it is possible a governmental tax incentive or income health credit could be provided. Contrast that with a member of the working-poor who has not saved and works until 70-72, just to survive. This is the level of the population that the program was intended for. However, if this is not the way we wish to view the program, and we want it as more of a long-term savings program, then we should revamp it, change the investment strategies and structures, and align it more closely with a sliding scale of income, ensuring that there is a balance between intake and output (Gale, 2010).

REFERENCES

"Life Expectancy for Social Security," (2010). Social Security Office. Cited in:

http://www.ssa.gov/history/lifeexpect.html

"World Population Prospects -- Highlights." (2006). The United Nations Office of Economics and Social Affairs. Cited in:

http://www.un.org/esa/population/publications/wpp2006/WPP2006_Highlights_rev.pdf

Gale, W. (2010). "Raise the Retirement Age Again." In Simple Steps to Fix….....

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