Social SecuritySocial Security (SS) is an American program that aims to help “older Americans, workers who become disabled, and families in which a spouse or parent dies ” (SSA. government). This is the largest way seniors replace their income: the program replaces an average of 40% of a worker's income upon retirement. This should not be understood as someone's entire income, but simply as a supplement. The money for Social Security debt collectors comes from taxes that are taken from workers' paychecks for this very reason. The following chart from SSA.gov details the percentage each individual worker contributes to 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 do not fall into both categories, because they do not have an employer who pays half the taxes. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Higher earnings over a lifetime mean that an individual will receive higher benefits when collecting Social Security, but low-income individuals receive more benefits than they pay into. The percentage of income an individual receives from SS decreases as annual income increases, meaning that a lower-income individual will receive a larger percentage of their income in SS benefits than a higher-income individual. Of course, this figure is lower for the first beneficiary, since individuals with higher incomes will receive more money, even with a lower percentage. As the baby boom generation retires and average life expectancy increases, there are concerns that the current SS rate is not sustainable in the long term. While it will not go bankrupt as long as people continue to work and the tax system continues as established, there is a possibility that the current system will not be able to fully pay expected benefits by 2034 (Wall Street Journal). There has been talk of privatizing Social Security as a solution to this future problem. This would involve taking payroll tax money currently withdrawn for SS benefits and investing it in private investment accounts: “workers would make contributions to their own privately managed retirement savings accounts” (Wall Street Journal). Proponents of privatization argue that privatization, or a system of private accounts, would eliminate dependence 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 result in “increased pension risks, drastic cuts to Social Security benefits, and a multibillion-dollar increase in federal debt” (National Committee to Preserve Social Security & Medicaid). This would be counterintuitive to the core purpose of Social Security. Those against the privatization of SS point out that switching from an insurance plan to a savings plan eliminates all the security and stability provided by the current system. Social Security pays identical monthly benefits based on an individual worker's income. Retirement savings, on the other hand, can vary greatly depending on the current state of the market and are more likely to be spent preemptively than Social Security. Opponents of SS privatization also note that savings can last longer, unlike Social Security benefits. To ensure that an individual.