Social Security is the most successful government program in the United States. Known as a social insurance program, Social Security has provided for many millions of U.S. citizens who are elderly or have a significant disability. According to a report of the U.S. Social Security Administration, nine out of ten elderly age 65 or older receive Social Security benefits, which represent 41% of their income. Approximately 158 million workers are covered under Social Security. In 2011, nearly 55 million Americans have received $727 billion in Social Security benefits. .
Social Security is the solid foundation of retirement security for most American workers and their families. However, in these tough economic times, many young people are worrying about their future retirement benefits or the system will be broken because the national budgets are being cut and rising national debts. To clarify and have better understand on the social security program, it is helpful to examine certain aspects of this concept, such as its development, its expecting recipients and requirements, and its funds and future finances.
The idea of Social Security has been in the development for more than hundred years. Earlier of human history, people lived and worked by themselves on farms in extended families that were the foundation of their economic security. Since the agricultural model was no longer common when the industrial model took placed in the economy, people became wage-earners and worked for others instead of themselves. This led people moved from farm and small rural to larger cities. The idea of creating a new economy security became necessary in the modern industrialized world. The very first Social Security retirement program was put in place in Germany in 1889, and it was expanded in many countries of the Eastern Europe (Dewitt).
The U.S. adopted the program after being affected by the year of the Great Depression 1930's, which made a big crisis in the national economy and workers' lives, especially on elderly.