Social Security Program Needs to be Reformed

Social Security Program Needs to be Reformed

Evan Walter  , Contributing Reporter

When it comes to America’s Social Security program, I believe it is necessary, however, I also believe that it needs to be reformed. Social Security age requirements need to be raised in terms of when a person can start receiving money and benefits. In addition to this, the amount of money that a person receives should be lowered. Currently, the age when a person becomes eligible to receive Social Security is 62 and the average amount of money a person receives is $1,413 a month. The maximum a person can receive is $2,788 a month. The total amount of money spent on Social Security in 2017 was one trillion dollars. As of right now, there are 67 million people receiving Social Security benefits.

The amount of money spent per year on Social Security is absurd, especially considering how large America’s debt has become over the years. If we wish to start paying back that debt with the aim of having deficit, it is crucial that we start by cutting programs that take up a large portion of the national budget. We can reduce the amount that we spend per year on Social Security by reducing the average amount that a person receives and by implementing a restriction on the maximum amount a person is eligible to receive. These changes would help reduce the debt and should not leave a large dent in elderly people’s income because most people ages 62 and over have been saving for retirement for their whole lives. It should not hurt their bank accounts if they ended up getting a few hundred dollars less per month. Not only would this help reduce the deficit, it would allow tax paying citizens to have more money in their pockets because the tax percentage would be lowered to compensate for the decrease in spending.

A way that could decrease the Social Security program spending per year is to raise the age that someone becomes eligible for social security. This would be a very good solution because it would cut down on the number of people receiving Social Security by a few million. This could end up driving down the average amount of money that is given out to a person per month. I also feel that 67 million people receiving Social Security is crazy because there are roughly two people paying for one retiree’s social security check, excluding the federal taxes that go to it. Reducing the number of people on Social Security will lead to less of a financial strain on taxpayers and on the government at large.

Overall, I believe that Social Security needs to be reformed or else our debt will continue to increase and the average amount of money given out to each person will continue to rise.