Social SecuritySocial Security (SS) is a U.S. program that aims to help "older Americans, workers who become disabled, and families in which a spouse or a parent dies” (SSA. government). This is the method most used by seniors to replace their income: the program replaces on average 40% of a retired worker's income. This is not a person's entire income, but simply a supplement. Social Security collectors' money comes from taxes that are taken from workers' wages for this very reason. The following chart from SSA.gov details the percentage each worker pays for Social Security and Medicare, as well as the amount paid by the employer. Those who are self-employed pay twice as much as those who don't fall into both categories, because they don't have an employer to pay half the taxes. Say no to plagiarism. Get a Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get Original Essay Higher lifetime earnings mean an individual will receive higher benefits when collecting Social Security, but the Low-income people receive more in benefits than they pay for. The percentage of income an individual receives from SS decreases as annual income increases, meaning that a lower-income individual will receive a higher percentage of their income in SS benefits than a higher-income individual. Of course, this figure is lower for the former recipient, because people with higher incomes will receive more money, even with a lower percentage. As the baby boom generation retires and average life expectancy increases, there is concern that the current SS rate may not be sustainable in the long term. Although the company will not go bankrupt as long as people continue to work and the tax system remains as established, it is possible that the current system will not be able to fully pay planned benefits by 2034 ( Wall Street Journal). The possibility of privatizing Social Security has been discussed as a solution to this future problem. This would involve taking payroll tax money currently taken for SS benefits and investing it in private investment accounts – “workers would contribute to their own privately managed retirement savings accounts” (Wall Street Newspaper). Proponents of privatization argue that privatization, or a system of private accounts, would eliminate reliance on the government's ability to tax workers, as well as demographic trends. On the other hand, opponents of privatization argue that this change would lead to “an increase in pensions”. risks, severe reductions in Social Security benefits, and a multibillion-dollar increase in the federal debt” (National Committee to Preserve Social Security and Medicaid). All of this would defeat the main purpose of social security. Opponents of SS privatization point out that moving from an insurance plan to a savings plan eliminates all the security and stability that the current system offers. Social Security pays equal monthly benefits based on the worker's individual income. Retirement savings, on the other hand, can fluctuate widely based on current market conditions and are more likely to be spent preemptively than Social Security. Opponents of SS privatization also note that savings can be exceeded, unlike Social Security benefits. In order to.